Personal Pension

Our Personal Pension aims to help you do more by growing your investment into a regular income in your retirement.

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Date last reviewed: April 16th, 2024

True Potential are trustedby more than 523,000 investors.

£30 billion investedon the True Potential Platform.

Why choose a Personal Pension?

Protect up to £60,000 every year from Income and Capital Gains Tax

Tax relief of at least 20% added to your eligible personal contributions

Withdraw 25% tax-free from age 55 onwards

Take the rest as income in retirement, taxed at your personal rate

What is a Personal Pension?

A Personal Pension is a long-term investment that you build-up during working life so that your retirement is not spent worrying about money.

With this defined contribution pension, you can choose how much and when to make contributions. The money paid into a personal pension scheme is invested to build up a pot of money for retirement.

You get tax relief on the eligible personal contributions you make into your pension. Which means that income tax your normally pay to the government, goes towards your pension instead.

Though they can seem complicated, the basic principles of pensions are quite simple, you’re essentially putting aside some money now so that you can use it later.

You get tax relief on the contributions and your savings grow largely tax-free.

The size of your pension pot when you retire will depend on:

How long you save for
How much is paid into your pension pot over the years
How well your investments have performed
What charges have been taken out of your pot by your pension provider.

To withdraw from your pension, you need to be at least 55 years old (rising to 57 from 2028).

You can manage your withdrawals as best suits your lifestyle, which may mean withdrawing a monthly income to replace your salary, taking a lump sum, or a mixture of the two.

You can take 25% of your pension tax-free but you will pay Income Tax when withdrawing the remaining 75%.

If you’re new to pensions, it’s worth reading our guide to choosing the right pension.

It’s important to remember that, as with all investing, your capital is at risk in a Personal Pension. Investments can fluctuate in value and you may get back less than you invest.

Please remember that tax rules can change at any time.

How we offer you more.

Personal financial advice whenever you need it

Access to exclusive investment portfolios

Dedicated video, phone and email support

Award-winning technology to track your money 24/7

Download our free guide to Choosing the right Pension for you.

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Our fees and charges.

We believe in keeping fees simple, transparent and great value for money. We’ll talk you through all costs before you sign up and you’ll always be able to see them in your account.

Fee to open a Personal Pension

£0

Fee to transfer a Personal Pension

£0

Ongoing platform fee charge

0.40%

Typical Ongoing Investment Charge

0.77%

You can find out more on our fees page.

Try our free calculator

Brought to you by the True Potential Group.
True Potential Investments is an investment platform that provides investment products and services. Authorised and regulated by the Financial Conduct Authority, FRN 527444.

True Potential Wealth Management offers restricted financial advice. Authorised and regulated by the Financial Conduct Authority, FRN 529810.

True Potential is registered in England and Wales as a Limited Liability Partnership No. OC356611

With investing your capital is at risk. Investments can fluctuate in value and you could get back less than you invest. Tax is subject to an individual’s personal circumstances, and tax rules can change at any time.

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