Virgin Personal Pensions - Secure your future with an award-winning Virgin Pension

You can save in a Virgin Pension if you are employed, self-employed or not employed. You just need to be:

• 16 or over.
• A UK resident.
• Happy to leave your money invested until you retire.

You can pay in anything from £1 upwards. You get tax relief on everything you put away, up to 100% of your annual earnings (subject to an upper annual allowance of £245,000). 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.

Yes, their payments would form part of your total contribution limits.

If you'd like your employer to contribute, just let us know and we'll send you a form making it easy for them to do.

Yes, you are allowed to save in as many pensions as you like. There used to be rules concerning company directors and occupational schemes and salary limits, but these have now been removed.

If you already have a pension which you could make further contributions to, you should speak to an IFA.

Yes, you can transfer other pensions into a Virgin Pension, however, you would need to make sure it was the right thing for you to do. If you would like more information please contact us.

Whether you are employed, self-employed or not employed, we claim basic rate tax relief for you and invest it in your pension.

If you pay higher rate tax you need to claim the additional relief on your annual tax return.

The first thing is to find out if your new employer offers a company pension, and whether they contribute to it. If so, you should join that so you do not miss out on any payments they are offering. You can also keep your Virgin Pension, and keep paying in to it if you wish.

If you become self-employed, not employed, or your new employer does not offer a pension scheme, it is a good idea to keep paying into your Virgin Pension so your retirement savings stay on track.

Whatever you choose to do, please let us know that you have changed jobs.

Even if you are not earning you can still pay into your Virgin Pension and receive tax relief on up to £2,880 of payments each tax year. You can pay in more than that if you wish, but you will not receive tax relief on the extra amount.

If you can no longer spare the money you can stop your payments until you start working again. In the meantime, the money you have already saved can be left to grow over the years. You can start saving again any time you wish.

They will be paid to the beneficiaries you named on your application. If you need to update your beneficiaries at any time, please contact us.

Investing in stock market shares is not without its risks. They can rise significantly in value over many years, go into periods of decline, or fall suddenly in value, with no guarantees you will get back the full amount you invest.

The key point to remember is that saving into a pension is a long term investment, and the longer you remain invested in the stock market the better you tend to do.

Remember
You can’t access your pension savings until you retire. Under the current rules, even if you retire early, you are not able to claim your pension before the age of 50. By 2010, this age limit will rise to 55. Also, the amount of pension income provided by your retirement fund will depend on a number of factors, including investment returns and annuity rates when you retire.