Moneyextra.com
- Our Online Buys
- Get a Loan
- Get a Credit Card
- Get a Mortgage
- Cheap Car Insurance
- About Us
- Contact Us
- My Portfolio
-
Money News
- Finance Features
- News Feeds
- Guides
- Dictionary
Approved Pension Schemes
Additional Services
- Company Reports - get free company reports here!
- Stocks & Shares ISAs - look for the best ISA online
- Insurance - need home, travel or car insurance?
Approved pension schemes - that is, approved by HM Revenue & Customs - apply to most occupational and personal pension schemes. Approved pension schemes enjoy favourable tax treatment including tax relief on pension contributions at your marginal or highest rate of tax.
Upon retirement you are allowed to take part of the benefits as a tax-free lump sum. Approved pension schemes may also be contracted out of the State Second Pension in return for a reduction in or rebate of National Insurance contributions.
Last Updated: March 2007 © Moneyextra.com
MoneyExtra.com recommends you should consider taking independent financial advice before acting on any article. Please contact us for help with your individual circumstances if any assistance is required.