Virgin Money Pension

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Putting money aside for the future means you're more likely to have the lifestyle you want when you retire. So it could be wise to invest in a tax-efficient personal pension plan such as the Virgin Pension - and the sooner you start, the more time your money will have to grow.

Of course, there is the State Pension, but you won't normally be able to receive this until the age of 65. And if it's all you have to rely on, your retirement income may not be enough. So it's not only important to consider when you want to retire but also to ask yourself how much you think you'll need as a regular income. This is where having a personal pension on top of the State Pension can make a big difference.

The Virgin Pension, like all personal pensions, has one very important advantage - the taxman adds to your pension every time you pay money in. So for every £80 you invest, the Government will top it up to £100, giving your savings an immediate boost of 25%. And higher rate taxpayers can receive even more. This money is then invested in the stock market to grow tax efficiently over the years.

The Virgin Pension is designed to be the UK's simplest pension - and it has already helped over 60,000 people start saving for their retirement.*

It works by investing your savings initially in the Virgin Pension Growth Fund. This aims to mirror the potential long-term growth of the whole stock market, using an investment approach called 'index tracking'. Virgin was one of the pioneers of Index Tracking in the UK and the technique is now employed by many UK pension funds. As you near retirement your savings will gradually be moved from the Virgin Pension Growth Fund into the Virgin Pension Income Protector Fund to safeguard your investment. Remember investment returns are not guaranteed and the value of your investment can go down as well as up.

By doing this the Virgin Pension aims to help maximise your income when you reach retirement age. And because it's a personal pension you can choose to start receiving your Virgin Pension earlier than your State Pension if you want to - from the age of 55.**

You can save monthly or invest lump sums in a Virgin Pension - it's your choice. There are no payment tie-ins so you can stop, start or change your payments at any time without penalty. You can easily set up your pension and keep track of it 24/7 online - you can check its value, forecast what it may be worth in the future and change payments and other details online too.

The Virgin Pension is a stakeholder pension, so it comes with low charges and guaranteed standards. There are no upfront charges that could otherwise eat into your investment - the only charge is a 1% annual fee of the fund's value. This means more of the money you have paid in works hard from day one.

You can find out more about the Virgin Pension and apply online by clicking the buttons below.

*Virgin Money has helped 60,483 pension customers who have invested £848m (Funds Under Management). Information correct at 31 July 2011.

** Information correct as at August 2011

Please note, this information is based on our current understanding of taxation law and HM Revenue & Customs practice in the UK. The amount of tax relief you receive depends on your personal circumstances and may change.