Personal pension scheme
A personal pension scheme (PPS), sometimes called a personal pension plan (PPP), is a UK tax-privileged individual investment vehicle, with the primary purpose of building a capital sum to provide retirement benefits, although it will usually also provide death benefits.Benefits can be taken at any time after age 55 if the plan rules allow, or earlier in the case of ill health.An individual can, each year, put in an amount up to the lower of 100% of their earned income or the prevailing annual allowance.A PPS must be crystallised by the age of 75, minimising problems from the mortality drag of deferring the purchase of income benefits.One of the most attractive benefits of taking USP as opposed to annuity purchase is the ability to bequeath or pass on the value of one's pension fund in some form.