Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Personal pension definition

What does Personal pension mean? A personal pension is an individual, contract-based, defined contribution arrangement that a person sets up with an authorised provider to build a retirement pot. It functions like a money box for the individual: contributions (from the saver and, in some cases, an employer) are invested, and the benefits depend on the amount paid in and investment returns. In the UK, personal pension scheme is a statutory category, distinct from occupational schemes and generally registered for tax purposes under the Finance Act 2004. Common forms include stakeholder pensions and Self-Invested Personal Pensions (SIPPs). Providers and advice are regulated by the FCA; where...

UK personal pensions: statutory development, establishment and regulation, contributions and tax, investments, benefits and transfers, disclosure, FSCS compensation and complaints handling

Published by a LexisNexis Pensions expert

Practice notes

FORTHCOMING DEVELOPMENT:

Section 10 of the Finance Act 2022 will raise the normal minimum pension age (NMPA) from 55 to 57 on 6 April 2028, with the exception of members of the firefighters, police and armed forces public service pension schemes. The Finance Act 2022 will also permit members of registered pension schemes to access benefits before 57 where, on or before 4 November 2021, they either held an ‘unqualified right’ to take benefits, or were undertaking a substantive transfer to a scheme that, on or before 4 November 2021, provided an unqualified right to a protected pension age below 57. To rely on this new 2028 protection, the scheme’s rules must, as at 11 February 2021, have contained an unqualified right to draw scheme benefits before age 57. For further details, see Practice Note: Increasing the normal minimum pension age (NMPA) to 57—pensions impact.

Statutory development of personal pensions

Retirement annuity contracts were the forerunner to personal pensions. Introduced by the Finance Act 1956, they allowed the self-employed—who were unable to join an occupational pension scheme—to build up retirement provision in a tax-advantageous manner...

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Alistair Hill

Brodies LLP

Alistair is a Legal Director in the Brodies pensions team, where he practices both as an English and as a Scottish solicitor. He helps a broad range of employers, trustees and other professionals with defined benefit and defined contribution pension schemes, including advising on the pensions aspects of corporate transactions and public/private sector staff transfers. From his days in-house at a leading insurer, Alistair has also retained an active interest in developing and maintaining defined contribution pension propositions from the provider's and administrator's viewpoint, such as personal pension, mastertrust and SIPP products. While he would argue passionately that clients shouldn't haven't to worry about them unless they want to, Alistair has always been interested in the more technical aspects of pensions law. Besides his work for LexisPSL, this has led him to play an active role in the professional bodies and more generally in debating law reform and...

Web page updated on 22/05/2026

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