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Waiver of Premium

If you become ill and need to rely on the State or an insurance payout you will not be able to maintain your pension premiums.

Waiver means that when you retire you will get a pension AS IF you had kept up the premims. This is clearly a very important benefit and should be opted for when taking out any pension.

That said the COST of waiver varies from nothing to 9% (and a lot of companies will charge 3-5%). As a proportion of your investment this can be VERY significant. Discuss it with your IFA.

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