It's increasingly important to make provision for retirement and most people still go down personal pensions route, either alone of via an employer's scheme. But you shouldn't just take what your employer or pension provider says for granted. As always, a little bit of extra research can go a long way.
We start our guide with a look at employers' pensions, examining the relative pros and cons of the two main types of schemes – money purchase and final salary.
We then move on to the options you have if you wish to set up your own scheme. Personal pensions are still a popular route. Our guide describes what types of personal pension are available.
Finally, we take a wider look at long term saving. Putting money into a personal pension is an attractive option as it's a tax efficient way to save. On the downside, any income you take out of your pension is taxable. An alternative way to save for retirement is via an individual savings account (ISA). Although contributions into an ISA come out of taxed income, money coming out of the ISA is tax free.
Click on the links below for detailed guides on personal pensions:
MORE ON RETIREMENT PLANNING: