Answered by Stephen Moore
If you are employed, then your first port of call should be your employer, as they will usually make contributions into the pension scheme they offer on your behalf which can boost your pension savings considerably.
Employer Auto-Enrolment Scheme
Under the Government’s auto-enrolment legislation, your employer must automatically enrol you into their pension plan. However, this scheme is being rolled out gradually, starting with the largest employers first. All employers, regardless of their size, must offer their employees a pension by 2018.
No Company Pension Scheme
If your’s doesn’t provide a pension yet, or you are self-employed, then you can set up your own pension plan with an insurance company, bank or building society, or via a pension adviser such as Drewberry. Always compare charges and investigate which investments you can put your money into before paying into a new pension.
If you want to manage your pension yourself, you might want to consider a self-invested personal pension (SIPP) as they offer a wide choice of investment types.
Frequently Asked Pensions Advice Questions
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