• Over the years, there have been many different types of pensions introduced in the UK, all with their own particular rules and regulations…lots of them!
    Whatever pension you may have, we recommend you get it reviewed regularly, and MAP can do that for you.

    For most people, a pension is a pension; something they can use when they reach retirement. Anything more than that, they are not interested in.

Other Pensions

Due to all of the different schemes out there, benefits and conditions may be attached to one type of pension but not another. As a result, such plans require regular review by a professional, as the benefits of some plans may be poor compared with those of others.

In financial terms, 6th April 2006 was A-Day, when the UK Government introduced pension tax simplification. It was their first attempt to simplify the myriad of rules for all the different pensions in existence. The aim was to bring them all under one set of rules. This was done because administration after administration allowed legislation to change again and again. This caused confusion and errors for both those with pensions and those administering the pensions themselves.

If you bear in mind that in the past, there were separate rules for RACs, PPPs, FSAVCs, EPPs, Section 226 policies, Section 32 policies, SERPS, SSASs, SIPPs and all sorts of company schemes, the situation was completely out of control.

As of A-Day, all pensions are now under one set of rules, with some exceptions (final salary schemes mainly). No matter what pension you have, it is best to get it reviewed and looked after long before retirement. We will be happy to provide advice and set you on your way to the retirement you dreamed of.