Stakeholder or Personal Pension - what's the difference?
Compare our pension plans at a glance
Our quick
comparison chart shows you the key differences between our Retirement Account, Stakeholder
and Personal Pension plans.
| Question | Retirement Account | Stakeholder Pensions | Personal Pensions |
|---|---|---|---|
| What is the minimum amount I can put in? | £200 a month or£2,400 a year (after tax relief is added) | £20 (before tax relief is added). | £100 a month or £1200 a year (before tax relief is added). |
| If I pay higher rate tax, do I get full tax relief? |  Yes, we claim basic rate tax relief on your behalf and add it to your plan. You reclaim the extra tax relief through your tax return. |
Yes, we claim basic rate tax relief on your behalf and add it to your plan. You reclaim the extra tax relief through your tax return. |
Yes, we claim basic rate tax relief on your behalf and add it to your plan. You reclaim the extra tax relief through your tax return. |
| Is the plan flexible? | The Retirement Account prides itself on its flexibility, with a range of asset classes to choose from. You can change the amount you pay in, stop paying, then restart whenever you like, without any extra charges. |
You can change the amount you pay in, stop paying, then restart whenever you like, without any extra charges. |
You can change the amount you pay in, stop paying, then restart whenever you like, currently without any extra charges. |
| Can I transfer the plan to an employer's pension scheme? | You can transfer the value of your plan to an employer's scheme without charge. You can also transfer to other registered pension schemes. |
You can transfer the value of your plan to an employer's scheme without charge. You can also transfer to other registered pension schemes. |
You can transfer the value of your plan to an employer's scheme currently without charge. You can also transfer to other registered pension schemes. |
| What are the charges? |
1. Service charge (Scottish Widows manufacturing & administration costs) 2. Investment charge (management costs and investment related expenses) 3. Adviser payment charge (your payment to your adviser) |
Our annual charges are 1% of the fund value. If you apply online, a 20% reduction brings this charge down to 0.8%. |
Depending on how you choose to invest your money, there's a range of annual charges. Details of these can be found in the product literature. |
| Is there an initial charge? | Yes, there can be some initial charges. |
 No |
No |
| Is there a maximum amount I can put in? | We can't accept any payments from you that do not qualify for tax relief. Government rules limit tax relief to payments that do not exceed 100% of your relevant UK earnings, or £3,600 if higher, in each tax year. |
We can't accept any payments from you that do not qualify for tax relief. Government rules limit tax relief to payments that do not exceed 100% of your relevant UK earnings, or £3,600 if higher, in each tax year. |
We can't accept any payments from you that do not qualify for tax relief. Government rules limit tax relief to payments that do not exceed 100% of your relevant UK earnings, or £3,600 if higher, in each tax year. |
| Can I invest for a child or grandchild? | You can open a Retirement Account on behalf of a child from the day they are born. |
You can open a Stakeholder plan on behalf of a child from the day they are born. |
You can open a Personal Pension plan on behalf of a child from the day they are born. |
| Can I have one if I'm not working? | Yes, if you have no earnings you can pay up to £3600 gross each year. |
Yes, if you have no earnings you can pay up to £3600 gross each year. |
Yes, if you have no earnings you can pay up to £3600 gross each year. |
| Is there a choice of funds to invest in? | There are over 100 internally and externally managed pension investment funds you can choose from. You will also have access to over 1,000 funds through a Fund Supermarket Discretionary Fund Managers and be able to invest in commercial property. |
There are 27 pension investment funds available. If you don’t want to choose, there is a default investment option which initially invests in the Scottish Widows Consensus Fund. |
There are over 100 internally and externally managed pension investment funds you can choose from. |
