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Personal Pensions

Historically, personal pension plans (PPPs) were for the self-employed, employees with no occupational pension scheme or where a salaried employee had other earnings.

However, from 1988, new personal pension plans were introduced which could (but need not) be used as a vehicle for contracting out of the Additional State Pension.

PPPs are purchased on a money-purchase basis with the cash from accumulated contributions used at retirement to purchase an annuity.

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