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Pensions & retirement
Structure of the UK pensions market
Updated 11 December, 2024 by Ryan Mellor - Content writer
1 min read
We understand that pensions can be confusing at the best of times. The table below attempts to simplify this by breaking down the pensions market into 4 main types.
Advisors listed on the Regulated Advice platform can offer advice on two of these types:- personal pensions and occupational schemes.
|
|
State Pension |
Personal Pension |
Occupational / Company |
Public Sector |
|
Can we help? |
No |
Yes |
Yes |
No |
|
Regulator |
HMRC |
Various |
||
|
Pension type |
DB |
DC |
DC / DB |
DB |
|
Institution set up by |
Government |
Insurance / Banks |
Company |
Government |
|
Retirement age |
66 |
55 |
Varies |
Varies |
|
Funded / unfunded |
Unfunded |
Funded |
Funded |
All unfunded, except |
|
Money purchase
|
No |
|||
|
Tax free cash - TFC |
No |
Yes |
Yes |
Yes |
|
Can you transfer? |
No |
Yes |
Yes - Specialist financial advisor with relevant qualifications required for DB schemes.
|
As of 2015, not possible to transfer an unfunded scheme. Possible if funded., but requres specilaist advice. |
Updated July 2024
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