Stakeholder pension plans are low cost pension saving plans that can be set up easily - even by people who don't have an income. Although it's the most straightforward pension product available, it still provides a good selection of investment funds.

The Government introduced stakeholder pensions in 2001 and all plans must meet Government's specific criteria. Charges are capped at 1.5%, reducing to 1% at year 10. The plan can be started with a contribution of £20 (gross) and there must be a default investment fund available.

Stakeholder is part of a range of products that lets you tailor pension solutions to suit your clients - whatever they need. It's not suitable for everyone, and is at the more limited advice end of the market.

Who’s it suitable for?

• Any UK resident who wants easy access to a pension plan, including those who are employed, self-employed or unemployed.
• People who are earning or not earning a regular income.
• Children under the age of 16.