Personal Pension
Helping you save towards rewarding your lifetime of hard work.
Stakeholder pension plan
Start saving from £20 a month
Expertly managed funds
Risk-controlled investing with Schroders
Low charge
1.5% reducing to 1% after 10 years
Our Personal Pension
Our Personal Pension gives the opportunity to save in a tax-efficient way for retirement, in addition to your state pension. Personal pensions also benefit from generous tax concessions which give a significant boost to your savings.
Whilst the state pension offers a safety net and covers basic needs it’s unlikely to enable you to live to your current standards. So, you should consider contributing to a personal pension if you are self-employed or you have no earnings but can afford to save for your retirement.
Tax treatment depends on individual circumstances and may be subject to change. As with all stock market investments the value of your Plan can fall as well as rise.
What could my Pension be worth?
Regular payments
| Monthly amount you pay (net of basic rate tax relief of 20%)1 |
Monthly amount we invest (Gross amount) | Fund value in today's money | Possible annual pension income at age 652 | |||
| 15 years | 20 years | 25 years | ||||
| £50 |
£62.50 | £12,600 | £17,700 | £23,300 | £597 | |
| £100 |
£125.00 | £25,200 | £35,500 | £46,700 | £1,190 | |
| £200 |
£250.00 | £50,400 | £71,000 | £93,500 | £2,390 | |
| £2403 | £300.00 | £60,500 | £85,200 | £112,000 | £2,870 | |
Single payments
| Lump sum you pay (net of basic rate tax relief of 20%)1 |
Lump sum we invest (Gross amount) | Fund value in today's money | Possible annual pension income at age 652 | |||
| 15 years | 20 years | 25 years | ||||
| £1,000 |
£1,250 | £1,570 | £1,730 | £1,900 | £48 | |
| £2,8803 |
£3,600 | £4,540 | £4,990 | £5,490 | £140 | |
| £5,000 |
£6,250 | £7,890 | £8,670 | £9,530 | £243 | |
| £10,000 | £12,500 | £15,700 | £17,300 | £19,000 | £487 | |
¹Higher rate taxpayers can claim additional tax relief direct from HM Revenue & Customs. ²Pension based on fund value after 25 years from now, payable monthly in advance, guaranteed 5 years and increasing in line with inflation. Assumes no cash lump sum taken. ³Maximum payment under Personal Pension rules for non-earners.
Important Notes
• These figures are only illustrative and not guaranteed you could get back more or less than this and you may get back less than you paid in. What you will get back depends on how your investment grows and on the tax treatment of the investment. Investments can go down as well as up.
• Your pension income will depend on how your investment grows and on interest rates at the time you retire.
• These figures assume an annual investment growth rate of 2.4% above inflation of 2.5%.
• To contribute your needs will need to be confirmed before a recommendation can be made.
• These illustrated figures should be studied in conjunction with the Forester Life Personal Pension Plan brochure.
• The Forester Life Personal Pension Plan is a stakeholder contract and as such meets the standard for ‘capped charges’. There is an annual charge of 1.5% of the value of the funds you accumulate. If your fund is valued at £500 throughout the year, this means that we charge £7.50 that year. If your fund is valued at £7,500 throughout the year, this means that we charge £112.50 that year. After 10 years from the start date these deductions reduce to £5.00 and £75.00 respectively.
• A statement will be sent annually to allow you to keep track of your benefits.
• You can choose when to take benefits from your plan once you have reached age 55 (this is likely to increase to age 57 from 6 April 2028). Forester Life does not offer pension annuities.
• This information is based on our understanding of current legislation and HM Revenue & Customs practice and may be subject to change.
• Taxation will depend on individual circumstances.