The pension is a way to save for retirement.
When you start looking for the pension system could be a choice of taking a pension or personal pension stakeholders. With a personal pension you make regular payments (contributions) in its pension fund. This is invested in stocks, for example, to provide retirement income.
Stakeholder pensions
Stakeholder pensions are a form of personal retirement, which must meet certain conditions.
They can be a good option for people who need a more flexible, allowing you to vary the amount you pay and when payments are made.
It provides personal pensions
Personal pensions offer insurance companies, often banks and building societies, and sometimes in the workplace.If your employer offers a pension scheme, whether it is a personal pension or occupational pension. They are not the same thing, and the benefits you receive at the end is different.
How to choose a personal pension
There are hundreds of individual pensions market, and choosing between them can be confusing. Here are some things to think about when choosing a personal pension:
- Shop to give you more choice and take your time to get as much information as you can before you decide. You can also use a comparison site such as money advice service to find and compare providers of pension products.
- Compare products from different suppliers. Ask for the key facts document for each pension plan you're considering. This is a summary of all important facts about the pension plan. Suppliers are required to provide this information and you can make a complaint if
- Make sure you can afford the fees. There may be minimal. If you're on a tight budget or have an irregular income, whether you need to commit to regular payments, or you can vary the amount you pay and when
- Control what they cost you is that you have to pay and when. These can include management fees, transfer and cost of managing your investments, penalties if you miss a payment or to retire early. The fee is deducted from your funds will affect the amount of pension you get. The Cost of pensions for players is limited to a fixed level
- See how the funds will be invested and options. Make sure you are satisfied with the level of risk you take
- obtain appropriate advice from an independent financial advisor
- Do not sign anything until you are completely satisfied.