Money purchase scheme

A money purchase scheme is what all private and stakeholder and some company pension schemes are. They are technically known as defined contribution pensions and you pay a monthly or annual amount to build up a pension pot.

In many cases in addition to the amount of money you put into the scheme you will also receive funds from your employer. However, not all companies who offer a money purchase pension scheme will pay contributions on your behalf.

	Virgin Money cuts mortgage rates and reduces fees Virgin Money has announced cuts across its residential mortgage product range including cheaper rates and lower fees.
	Funding for Lending Scheme fails to persuade banks to lend Net lending under FLS in the final quarter of 2012 fell by £2.4bn and showed that the scheme has helped mortgage lending but businesses are still struggling to access finance.
	Virgin Money cut rates on residential and buy-to-let mortgages Virgin Money has announced that it is to cut rates on a range of its residential and buy-to-let mortgages includer tracker and fixed rate products.
	Pension scheme membership falls for 11th year in a row Membership of private pension schemes is now at the lowest level since records began in 1997 and has fallen for the 11th year in a row, according to official figures.
	Halifax to refund valuation costs if house purchase falls through The Halifax has become the first high street lender to offer to refund valuation costs to homebuyers if their property purchase collapses.