Answered by Neil Adams
Have you got a Company Pension Scheme?
If your employer offers you a pension scheme through work, then you probably won’t need to compare this to other pension plans. That’s because your employer will normally contribute to your work pension on your behalf, making it by far the best option.
If, however, you don’t have access to a company pension scheme, maybe because you’re self-employed or a contractor, you can arrange your own private pension with an insurance company or seek pension advice from a financial adviser, who can talk you through all your options and set-up the most appropriate arrangement for you.
Make sure you check the financial advice charges
Make a note of the charges they impose, as these can eat into investment returns, and which funds you can invest in. Self-invested personal pensions (SIPPs) tend to be more expensive because they offer access to the widest choice of investments, but these are only really suitable if you’re keen to be very hands on about managing your pension savings.
You can also use the Money Advice Service to find providers and compare pension products. Go to www.moneyadviceservice.org.uk for more information.
Frequently Asked Pensions Advice Questions
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