Definition of stakeholder pension in English:
(In the UK) a pension plan, intended primarily for those who do not belong to a company pension scheme or who are self-employed, which invests the money a person saves and uses the fund on retirement to buy a pension from a pension provider.
- Like other pension plans, the money paid into a stakeholder pension will be invested in items such as stocks and shares, bonds and cash savings accounts.
- You will need to make your own pension arrangements, which may take the form of additional voluntary National Insurance contributions, a stakeholder pension or some other personal pension plan.
- If you have a money purchase scheme or stakeholder pension, the provider normally only provides details of your total pension pot, although most should provide a projection.
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