Type of individual pensions

We’ve listed some of the most common types of individual pensions below. You can use your annual statement to find out whether your pension is one of these types if you’re not sure, or you can call us to check:

Individual pensions explained

Put simply, a pension is a tax-efficient savings plan that you can pay into in order to build up a pot of money to support you in retirement. You usually can’t take any money out of your pension until you’re age 55.

Individual pensions are also known as defined contribution, or money purchase, pensions. These are pensions where the amount of money you have to support yourself in retirement is based on how much you pay in, the investment growth of the funds you’re invested in and annuity rates at the time you take your benefits (if you choose to take a guaranteed income for life).

Both you and your employer may be able to pay into your pension, and some individual pensions also allow you to transfer in money from another registered pension scheme (subject to ReAssure’s agreement).

If you want to know more about what you can do with your pension when you come to take your money you should read about your retirement options.

Safeguarded benefits

If you have a final salary pension, a Guaranteed Minimum Pension, or a pension with a Guaranteed Annuity Rate these are known as Safeguarded benefits. It is important to note that in most cases, these benefits will be lost if you choose any retirement option other than taking an annuity with your existing pension provider. If you’re not sure whether you’ve got one of these pensions you can find out from your most recent annual statement.

Find out more about safeguarded benefits >

How we apply your terms and conditions

You can download a guide to help you understand your policy Terms and Conditions and explain how these are interpreted in practice.

Download our guide to our terms and conditions

Key Features for former Old Mutual Wealth customers

If you have a former Old Mutual Wealth Personal Pension (PP6) product, you can download a copy of the current Key Features Document here.

Download Forms

To give you the right options please select your original policy provider below

Fund prices

You can find out more about funds here

Getting help

ReAssure is unable to provide financial advice or make a personal recommendation, but we can provide you with factual information about your policy and your options.

However, there are places you can go for help.