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Personal Pension

Looking to bring your pensions together or self-employed and saving for your retirement, our Personal Pension is a simple way to save

What is a Personal Pension?

A Personal Pension is a flexible, tax-efficient way of saving for your long-term future. You can pay money into the pension from 18 until you're 75 and start enjoying your savings from as early as 55 (57 from 2028). 

Whether you're self-employed and looking to save for retirement, or just looking for a place to bring your pensions together, our Personal Pension could be right for you.

Open with £100 or transfer one or more of your pension pots

  • Choose from five diversified funds based on your risk appetite or a default investment option.
  • A team of experts actively managing award winning funds.
  • Receive up to 25% tax relief on contributions you make from the Government which we will claim on your behalf and add to your pension.
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Sounds good. What's the risk?

Our Personal Pension invests in stocks and shares, which means the value of your investment will go down as well as up. It isn't guaranteed, so you may get less than what you put in.

Tax rules may change in the future and their tax advantages depend on your individual circumstances. If you're not sure our Personal Pension is right for you, we recommend seeking professional financial advice.

Please read the Personal Pension Key Features and Terms and Conditions before applying.

Open a Personal Pension

You have two ways to invest in your Personal Pension, opening an account takes just minutes.

Simple Fund Choice

Choose from five diversified funds based on your risk appetite.

Default Investment Option

This option is available if you do not want to choose your own fund.

A tax-efficient way to save for retirement

Tax relief for you

One of the benefits of saving into a pension is the Government boosts your contributions, through tax relief.

The amount of tax relief you may be eligible for depends on your individual circumstances and may be subject to change in the future.

Tax-efficient pension growth

Any income or gains made by your pension will generally be tax-free.

Tax-free inheritance

You may be able to leave pension savings to your loved ones free of any liability to inheritance tax.

Are you looking to consolidate your pensions?

Looking for a low-cost way to bring all your pensions together into one pot?

Why choose us?

Your trusted pension partner

We've helped millions of customers with their savings, retirement and life insurance

Actively managed funds

Five diverse fund solutions to choose from based on your risk appetite or a default investment option.

How much does it cost?

Low service charge of 0.25% and a Fund Management Charge of just 0.31%

Ready to open your Personal Pension?

Select between Simple Fund Choice or Default Investment Option. Opening an account takes just minutes.

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Common questions about personal pensions

Find out more about private pension savings and our Personal Pension with our frequently asked questions.

A pension is a good way of building up a pot of money to live on when you may no longer work.

If you can wait until you’re at least 55 (rising to 57 from April 2028) to access your savings and you’re comfortable making your own decisions, a personal pension might work for you.

A personal pension should not be considered as a replacement for a workplace pension, if you have access to one, as your employer will also make contributions.

However, a personal pension is an important savings tool if a workplace scheme is not an option or you want to supplement your workplace pension savings.

If you want the option to withdraw your money before you’re 55 (rising to 57 from April 2028), an ISA may be a better option.

Our Personal Pension may be right for you if:

  • You are self-employed.
  • You need flexibility.
  • You are looking to consolidate your pension pot.
  • You are happy to choose from a small range of funds based on your attitude to risk or a default investment option if you don't want to select your investments.

Our Personal Pension may not be right for you if:

  • You already have a workplace pension, which satisfies your retirement goals.
  • You have a limited company and want to contribute from your business.
  • You are looking to invest in multiple funds or a wide choice of investment funds, specific equities or property funds.

Most people can pay up to £60,000 per year in pensions without incurring a tax charge. This is called your Annual Allowance.

This rule depends on your total annual income.

You can find out more about the tax rules for pensions here.

It’s important to save for retirement, so whilst you don't have to regularly pay money into your Personal Pension, it's a good idea to do so.

With our Personal Pension you can:

  • Set up regular payments
  • Pay in one-off lump sums
  • Start, stop or amend your regular payments to suit your needs.

No. Our Personal Pension is set up for you to contribute into. Your employer should be contributing into a Workplace Pension on your behalf.

Find out more about the different types of pensions.

Yes, we accept transfers into a Legal & General Personal Pension. We can also help you trace any old pensions that you need to find. When you transfer your pension, the current provider will sell your investments and send us the proceeds, which we will invest in your chosen fund with us. We cannot take control of your existing investments.

Your current pension provider may apply exit penalties if you close your pension pot. You could also forfeit some other benefits or guarantees if you decide to transfer, so it’s best to check the terms of your existing pension first.

There are also some types of pension we can't consolidate, such as 'final salary' plans, With Profits plans and those with Guaranteed Annuity Rates or Guaranteed Minimum Benefits.

If you're unsure if a pension is right for you, get in touch with a financial adviser or find one through Unbiased.

We offer a range of ready-made funds spanning five different risk profiles. All you need to do is select the level of risk you’re willing to take and we do the rest, spreading the money you’ve chosen to invest in the fund across different investments.

These can include a combination of markets, industries and asset types. This means you can confidently make your own decisions without having to worry about the underlying investments yourself.

If you do not want to make your own investment choice, we provide a default investment option. This option automatically changes investment funds over time, as you get closer to your selected retirement date.

You can find the relevant investment information on our site and in each fund’s factsheet or Key Investor Information document.

You have the right to change your mind within 30 days of your pension being set up. This cancellation date will be shown in your welcome email.

To cancel, please log in to your online account and send us a secure message. You’ll get your money back and won’t have to pay any charges.

However, the amount you get back may be less than you invested if the value of the fund has decreased. If you don’t cancel within 30 days, you can still stop paying money in.

Your current savings will remain invested and charges will apply.

To find out more about opting out of your pension, read our article ‘Can I opt out of my pension?’.

Yes, you can transfer your pension to another company. Please speak to your new pension provider so you can follow their process.

Making investing easy

  • Online pension account
  • Change/stop/start regular payments whenever you want
  • Add additional lump sum payments anytime

Helpful links

Interested but would like to understand more? These links will help you get up to speed.

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Pensions explained

New to pensions? We answer some key questions you might have before you start saving for retirement.

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Understanding risk

Investing money comes with a degree of risk. Learn more about how to choose the best risk level for you.

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Want to get in touch?

Find all the ways you can get in touch with us about our pension products.