As the cost of living goes up, many people are finding that they need both State and private pensions to fund a good retirement. Estimates suggest that over £11 billion were contributed to private pensions in the 2020-21 financial year, across close to 7 million pension members.
Choosing to set up a private pension gives you more freedom around your retirement years. By equipping yourself with the best knowledge to be able to choose the right private pension for you, you can make a significant difference to how financially prepared you are for your retirement.
What is a private pension?
A private pension – also called a personal pension – is a financial product that you can use to save money for retirement. Most private pensions are defined contribution pensions, which means the money you receive at retirement is based on the money you have paid in and the performance of these investments. This is different from a defined benefit pension, which you may get from your workplace.
STM Group plc (LON:STM) is a multi-jurisdictional financial services group listed on the Alternative Investment Market of the London Stock Exchange. The Group was formed as a strategic investment company specifically to build a leading financial services group originally operating in the international corporate and trustee service provider (CTSPs) sector.
