The principal advantage of saving through a pension scheme is that the government will allow tax relief on your contributions. However, you must bear in mind that money you have put into your pension fund cannot generally be accessed until you retire.

There are 5 main options for those of us wanting to save for retirement:

  • Stakeholder Pension: a low cost basic pension facility available to anyone (even those who are not earning). These schemes are generally aimed at those with low earnings or are not able to join an occupational or group scheme.
  • Personal Pension: a contract between you and the Insurance Company to invest contributions on your behalf.
  • Group Personal Pension: available to employees whose employer offers the facility. The fund you accumulate is able to be converted to a personal pension if you change employer.
  • Occupational Pension: a scheme set up by your employer to provide a pension on retirement. It can also be known as a “final salary” scheme as benefits are often based on a percentage of the final salary paid by the employer prior to retirement. Many public sector employees will be members of an occupational scheme - for further information please see our Public Sector Pensions page.
  • Self Invested Personal Pension (SIPP): when investing in a SIPP, the capital you invest in your pension fund remains under your control and you take full responsibility for managing its growth. This is an option that suits the hands-on investor who wants active involvement in selecting and monitoring the performance of his or her portfolio. To download your free copy of our Guide to Self Invested Personal Pensions please see our associated Factsheets.

Contact us to arrange a free initial consultation to discuss how we can help you evaluate your pension needs.

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