Pensions

Key benefits:

  • Tax efficient savings for the future
  • Benefits can be taken from age 55
  • Benefits can be taken as an income, cash, or a mix of both
  • Access to a range of funds
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Please remember the value of investments and any income can go down as well as up and you may get back less than you invest.

Why choose us?

A pension means different things to different people, but it is generally regarded as a plan in which you save for your retirement, which when you come to retire will have accumulated a value and will then provide you with a benefit. These days there is increased flexibility with pensions, for example, you can work and receive pension benefits if you are over 55 if you choose to, and you can choose how and when you access  the money you have saved in personal pensions (depending on the rules of the pension schemes you are a member of).

Our Personal Pension is flexible and simple. You simply pay into the plan, and your money is then invested to provide you with a pension 'pot' (fund value).  You may then use this pot of money to take benefits.

So, whether it is as your sole vehicle for preparing for retirement or you simply want to supplement your workplace or state pension, the Wesleyan Personal Pension can provide a solution. The sooner you start planning for the future, the more opportunity you have to build up the funds you'll need to enjoy the life you want. We've developed our Personal Pension as ways to build up your pension fund, by taking advantage of the many tax privileges available to plans of this kind.

For more information about the Wesleyan Personal Pension please read the Key Features Document.

Remember that the value of your investments can go down as well as up and you may not receive back what you put in. Tax treatment depends on individual circumstances and can change in the future.

How it works

Pensions are one of the most tax-efficient ways to save for your retirement, and for most people they remain one of their main sources of income in retirement, for the following reasons:

  • Basic rate tax-payers qualify for 20% tax relief on payments made to a pension, so for every £100 contributed, it costs you only £80.
  • Higher rate tax-payers qualify for up to 40% tax relief on their pension contributions, so it could cost you as little as £60 for every £100 saved into your pension*.
  • If you are a 45% tax-payer (in 2015/16), it could cost you as little as £55 for your £100 contribution*.
  • Any growth in your pension fund is free from UK Income Tax and Capital Gains Tax (although the 10% dividend tax credit on UK shares cannot be reclaimed).
  • When you retire, you can take up to 25% of your pension fund as a tax-free cash lump sum (the remainder of your fund could be used to provide a taxable income for life).

* You must have paid sufficient tax at the 40% or 45% rate to be able to reclaim tax relief at that rate on your contribution. You will automatically receive basic rate tax relief on your pension contributions at 20%. Any additional tax relief you are entitled to above this amount will need to be claimed via your self assessment tax return.

HM Revenue & Customs set limits on the amount you can pay, and anyone else pays on your behalf, into all your pension plans each year and how much you can save into pensions over your lifetime. These should be taken into account when deciding how much to contribute.

You can contribue to a Wesleyan Personal Pension Plan if you are under 75 and a UK resident for tax purposes. You, your employer (if you have one), and anyone else can pay into the plan on your behalf.  You can also transfer money from other pension plans into your Wesleyan Personal Pension (you can do this at any age). The minimum contribution is £150 each month or £1,800 each year.

The amount of money you get back will depend on how your investments perform, the plans charges and how you decide to take your benefits. The value of your investment can go down as well as up and you may not get back what you put in. There are no guarantees. Tax treatment depends on personal circumstances and can change in the future.

More details about the features of the plan and it's charges are shown in the Key Features document.

Important Information

Free your pension

The government has changed how you access your pension pot, giving you more freedom to decide how and when you spend it.
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