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VIRGIN PERSONAL PENSIONS
Virgin Personal Pensions (Stakeholder Pensions)
        
This product is a straight forward, easy to understand pensions plan. It is a stakeholder’s pension, so it comes with low charges and guaranteed standards. The Virgin Pension works by locking your savings (in the early years) into the long term growth of the whole stock market. Once your funds have grown, they will be protected in the Pension Income Protector Fund near your retirement. Your Virgin Pension is designed to try and help you maximise the income you get when you retire.
Location: UK
Advantages:
1. Straight forward investing, with a proven approach to stock market growth.
2. Stop, start, increase or decrease your payments whenever you want to.
3. Keep track of your pension 24/7 online, or by phone.
4. It's a stakeholder pension, so it comes with low charges and guaranteed standards.
5. Annual charge 1%
6. Free transfers to other providers
7. Statements twice yearly
8. Virgin Money claim basic rate tax relief for you and invest it in your pension.
Disadvantages:
1. Stock Market shares are very volatile so there are no guarantees you will get back the full amount you invest.
2. The value of your pension will depend on how much you save, the charges you pay and the rate at which your investment grows over the year.
3. If you are able to pay in more than £245,000 a year, you do not get tax relief on payments above that, and will be taxed on them.
4. If you pay higher rate tax you need to claim the additional relief on your annual tax return.
Services:
1. Annual charge 1%

Min Investments: £1
SIPP Options: No
Rate: Dependent on fund option
Fees/Charges: 1%
Fund Options: 2

Suitable For:
Min age 16 years
Conditions:
The earliest age you can take your funds is 50
Restrictions:
1. The amount of pension income provided by your retirement fund will depend on a number of factors, including investment return and annuity rates when you retire.
Features:
1. As you near retirement, your investment automatically gets moved into a less volatile fund.
2. If you'd like your employer to contribute, just let Virgin Money know and they will send you a form making it easy for them to do.
3. Two Fund Options: (1) The Virgin Pension Growth Fund - invests in the Virgin UK Index Tracking Trust. They will use the stock market to grow your pensions savings over the long term (2) The Virgin Pension Income Protector Fund - Invests in the Virgin Income Trust. The aim is to use fixed investments like gilts and bonds to protect your funds as you near retirement.
Terms and Conditions:
1. 16 or over
2. A UK resident
3. Happy to leave your money invested until you retire
4. The earliest you can currently take your pension is your 50th birthday. However on 6 April 2010 this will increase to age 55.
        
REVIEWS
Virgin Personal Pensions (Which Way To Pay - 2/3/2010)
Virgin Personal Pensions is ranked 3 out of 5. Based on 1 review.

3 Star Rating

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