Pensions & retirement
Structure of the UK pensions market
1 mins read
by
Ryan Mellor
Last updated 11 December, 2024
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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Ryan Mellor
Gibraltar
Ryan co-founded RMT Group Limited and its consumer brand, Regulated Advice, and also writes content for this site. He launched Financial Advisor Direct in 2013 and Regulated Advice in 2016. Together, the two sites have connected over 70,000 people with financial advice, including more than 9,000 face-to-face appointments with regulated advisors.
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