How do I compare personal pension plans?

I want to make sure that I get the most out of my pension, how can I compare different plans to help me do this and ensure my pension is most appropriate given my circumstances?
Question asked by Glen Donaldson
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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.

compare pension plans
 
pension performance
 
retirement planning
 
This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
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Neil
Pensions

Victoria
Insurance
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