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Compare Top UK Pension Providers

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Insurance providers | Black Lion Wealth

What is a pension?

A pension scheme is a type of tax efficient long-term savings plan that helps you to save money for later life. This is typically paid into throughout your working life.

There are several types of pension’s and providers, but in this guide, we will focus our attention on the two main areas:     

What is a Stakeholder Pension?

A stakeholder pension scheme is a form of ‘defined contribution’ personal pension. The value is based on the amount you pay in and how your investments perform. These can be taken out by an employer for an employee, or you can start one yourself.

We can do all the heavy lifting and assist you from start to finish, we will do the heavy lifting on your behalf – here at Black Lion Wealth, we offer professional pensions to many individuals, please get in touch.

With a stakeholder pension you will find these general characteristics:

  • Flexible contributions
  • Default investment strategies
  • Capped charges

What is a Self-invested personal pension?

A self-invested personal pension scheme is another form of ‘defined contribution’ personal pension. The value is based on the amount you pay in and how your investments perform.

The main difference with a self-invested personal pension and a stakeholder pension is the ability to have more flexibility on your choice of investments within your pension. A self-invested personal pension is more tailored towards individuals that are happy to make their own investments decisions or choose someone to do this on their behalf.

We have specialist fund managers that we work with and Qualified Financial Advisers that can tailor make your pension to set you sail for the future, so contact the team here at Black Lion Wealth for some expert, jargon-free advice.

What is Tax relief?

Earning tax relief on your pension is simple. Rather than money going to the government from paid earnings in tax, this will go into your pension pot instead.

This is a bonus and incentive from the government to those saving for your later years through a pension. Those that pay into a pension will receive a level of tax relief based on the level of income tax they pay.

The level of tax relief is as follows:

  • Basic rate taxpayers: 20% pension tax relief
  • Higher-rate taxpayers: 40% pension tax relief
  • Additional-rate taxpayers: 45% pension tax relief

In Scotland, income tax is banded differently, and pension tax relief is applied in a slightly alternative way.

  • Starter rate taxpayers pay 19% income tax but get 20% pension tax relief
  • Basic rate taxpayers pay 20% income tax and get 20% pension tax relief
  • Intermediate rate taxpayers pay 21% income tax and can claim 21% pension tax relief
  • Higher-rate taxpayers pay 41% income tax and can claim 41% pension tax relief
  • Top rate taxpayers pay 46% income tax and can claim 46% pension tax relief

At Black Lion wealth we are pension experts. We can assist you in many ways and establish your long-term plans to tailor your pension to your needs. Please fill in the form for a free pension health check.

Free Initial Consultation

Call us on 0203 011 00 22

    Important Information

    The value of Investments is not guaranteed and can fall as well as rise and you may not retain the amount you originally invested.

    If you drawdown too much Income or your investments underperform, you run the risk of running out of funds.

    Both Black Lion Insurance & Black Lion Wealth are Trading Styles of PRG Protect Ltd

    Top UK Pension Providers

     Hargreaves Lansdowne have helped investors for the last 35 years and are now the UK’s number ‘investment supermarket’. They employ 1,300, are a FTSE 100 company and are listed on the UK stock exchange.

    Costs & More:

    • Minimum Investment: None
    • Funds: 2,500
    • Annual Fee: 0-.45%
    • No SIPP set up fees, manage online, phone and mobile application. Transfer in or fund dealing charges apply

    Source: https://www.hl.co.uk/

    In 1995 AJ Bell was born. Is a FTSE 250 company. AJ Bell provide an investment platform as well as stockbroker services. AJ Bell were recommended as Investment Platform 2019 by Which?

    Costs & More:

    • Minimum Investment: None
    • Funds: 2,000
    • Annual Fee: 0-.25%
    • No SIPP set up fees, manage online or by phone, no transfer in fees, Dealing charges from £1.50-£9.95

    Source: https://www.youinvest.co.uk/

    For over 30 years, Alliance Trust Savings have been a player in the investment administration business. As of April 2019, Alliance Trust Savings have over 100,000 account holders and look after £16 Billion of investors’ money.

    Costs & More:

    • Minimum Investment: None
    • Funds: 3,000
    • Annual Fee: £585
    • Manage online or by telephone. Account fees are fixed and do not grow with the investment.

    Source: www.alliancetrustsavings.co.uk/about-us/

    Bestinvest is an investment company that serves around 70,000 clients. Bestinvest were founded in 1986. Bestinvest have been voted Best SIPP Provider 2018 & Best Low-cost SIPP Provider 2018.

    Costs & More:

    • Minimum Investment: None
    • Funds: 2,500
    • Annual Fee:
      • Up to £250,000; 0.3% a year
      • £250,000 – £1 Million; 0.2% a year
      • Over £1 Million; Free
    • Manage online or by telephone. There are no set up fees, no fund dealing charges and up to £500 is paid towards exit fees when pensions are transferred across.

    Source: https://www.bestinvest.co.uk/

     Fidelity were founded in Boston in 1946. In 1969 the international arm of Fidelity investments was founded. Fidelity international have been helping clients save for retirement, and other long-term investments for the last 50 years. They look after £317 Billion from 2.4 Million clients across various parts of the world.

    Costs & More:

    • Minimum Investments: £1,000 or £50 per month
    • Funds:2,000+
    • Annual fee: 0.2%-0.35%

    Source: https://www.fidelity.co.uk/

    Old mutual Wealth was originally founded as a mutual Insurance Company in 1845. Old mutual wealth is now part of Quilter PLC providing investments, savings, insurance and banking services. As of June 2019, Old Mutual Wealth manage £118.4 Billion of investments on behalf of 900,000 customers.

    Costs & More:

    • Minimum Investments: £100 per month
    • Funds:1600
    • Annual fee: 0.25%-0.75%

    Source: www.oldmutualwealth.co.uk

    Aegon, formally known as Scottish Equitable, started in 1831. As of August 2018, Aegon served 30 million customers in over 20 countries. Aegon employ over 3,000 people and looks after ‎€850 Billion in assets on behalf of investors. Aegon is currently one of the world’s leading providers in the following sectors:

    • Life Insurance
    • Pensions
    • Asset Management

    Costs & More:

    • Minimum Investments: £1 per month
    • Funds:4,800 funds
    • Annual fee: 0%-0.3%

    Source: https://www.aegon.co.uk/

    Pensions Advice

    How Black Lion Wealth can help.  We offer specialist advice on:

    Self-Invested Personal Pensions (SIPPs)

    A self-invested personal pension (or SIPP) is a type of defined pension scheme.  In other words, it’s a private personal pension plan that enables you to plan for your later years, when you are no longer working.

    Ideal for contractors, director and the self-employed, a SIPP empowers you to be in control of your pension’s investment strategy.  There are some useful tax and legacy planning opportunities, too. Moreover, your spouse and your family could benefit.

    Of course, the value of your retirement benefits will be determined by the amount of contributions you make and the period over which you make them.

    The team here at Black Lion Wealth will be happy to offer you our best advice to help you choose the best options.

    Pension drawdown advice

    Part of the pension freedoms legislation of 2015, access to your own pension funds now offers powerful flexibility and personal autonomy.

    However, pension advice from Black Lion Wealth could offer you all the financial security and peace of mind that you need.

    Apologies, but you have to know what you’re doing here.  We understand every part of this regime.  This means that we know best to protect your hard-earned money from too heavy a tax burden.  Also, how best to pass on its benefits to your family after your death.

    If you drawdown too much Income or your investments underperform, you run the risk of running out of funds.

    Don’t leave it to chance.

    Annuities

    An investment in an annuity (buying a product that pays an income each year until you die) was – before 2015 – and still is, a viable aspect of retirement planning.

    However, there’s a long list of considerations to think about here.  In other words, things to know and understand, such as fixed, variable, deferred income – lots of complicated terms.

    Make sure that you get the advice you need from us before you decide.

    Pension switch and consolidation advice

    In our lifetime, most of us will have more than one job, each with a pension scheme as part a remunerations package.  You may wish to ask us about how best to gather together all your “pension pots” into one place.

    Not only can we offer you the benefit of our experience and expertise, we can also put the consolidation process into action.

    Pensions – where we are now

    The range of pension options on the market has never been broader.

    On the one hand, this is good news for the canny investor.  On the other, how do you know that you’ve made the right choice? How much should you save?  What are the different types of pension products out there?

    We hope that we’ve convinced you to consider pensions advice.

    We’re all living longer.  The retirement age is rising.  Life isn’t going to get any cheaper any time soon.  Building up your own private nest will make your retirement easier to plan.  Do the right thing today. Give Black Lion Wealth a call.  We’re here to help.

    The guidance and/or information contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK

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