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Which pension looks after your family best?

Sitting your kids down to tell them what kind of pension you’ve got will probably just make them yawn a lot. But later on, they might wish they’d paid more attention because the pension you have makes a big difference to the benefits they’re entitled to and how long it takes to receive them.

The type and number of pension pots we end up with is usually dictated by how and where we work. They can range from defined contribution (DC) and defined benefit (DB) workplace plans, to self invested personal pensions (Sipps) and small self administered schemes (SSASs), which are similar to Sipps and a favourite with small family-run businesses

In many ways, DB scheme members are the spoilt brats of pension savers as their employers shoulder all the investment risks and decisions. And pensions Lifetime Allowance rules are kinder to them.

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