Personal Pensions for GPs

A plan that allows you to build up a lump sum of money in a tax-efficient way, which can take as an income when you retire

To find out more about what we can offer in the way of retirement planning, contact your local Financial Consultant. Alternatively leave your details and we'll call you.

We've provided a summary of some of the key facts about the Personal Pension Plan below. You should read the Key Features document for detailed information about the plan. A link to this document is shown at the end of this page. 

Facts at a glance:

Who can take out a Personal Pension Plan?
You can take out a Wesleyan Personal Pension Plan if you are under 75 and a UK resident for tax purposes.

Who can invest in it?
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.

How much money can I invest?
If you pay monthly contributions you need to pay in £100 or more. You can increase by £50 or more at any time.

If you pay yearly contributions you need to pay in £1200 or more. You can increase by £600 or more at any time.

Or you can pay a lump-sum of £2000 or more and then extra lump sums of £500 or more after that.

HM Revenue & Customs set limits on the amount you can pay, and anyone else pays on your behalf into all your pension plans. Please refer to the Key Features document for more information about this.

How much will I get back?
The amount of money you get back will depend on how your Investments perform. There are no guarantees.

Where is my money invested?
There are 17 investment funds to choose from and you can hold money in up to 12 of these at any one time. You can find details about the available funds in our fund fact sheets on the Fund Prices page.

Can I switch money between funds?
Yes, you can move into one or more different funds at any time. You can make up to 12 fund switches in any 12 month period.

What is the lifestyling feature?
It involves gradually moving the money built up in the plan, and future contributions into our lowest-risk reward funds when you are five years or less from your selected benefit date. It aims to reduce the risk of sharp falls in the value of your fund.

What happens to the plan when I die?
We will pay the plan value as a lump sum.

What are the charges?
We take an Annual Management Charge of 1.5% of how much your plan is worth each year for the first 10 years, then 1% from year 11 onwards. For some funds we take an extra Annual Management Charge. Our fund fact sheets have more information about the extra charges.

We also charge when you make two or more fund switches in each calendar year.

More details about the charges are shown in the Key Features document.