Saving for retirement

Click here to find out about the changes to SIPP regulations.

 

There are numerous ways of saving for your retirement, including various types of pension – most of us only consider one or two of these.

 

The government views retirement savings as being so important that it offers generous tax benefits to encourage us to make our own pension provision.

 

It is also the case that you may be able to contribute to more than one pension – for example, you may be able to contribute to a as well as your .

 

Find out more about the different types of pensions and other investment products you can use to save for your retirement and achieve your retirement goals:

 

• - Learn more about the pensions provided by the state.
  
• - These pensions can offer a cheaper and more straightforward alternative to most personal and company pensions (depending on scheme rules), but usually with less investment choice.
  
• - Find out how you could benefit from a personal pension plan.
  
• - A type of personal pension plan, a SIPP generally offers you the greatest control over your pension and over how you take your retirement benefits, as well as the freedom to choose from a wide range of investments.
  
• - These schemes are set up by employers and can offer you a range of benefits.
  
• - If you a’re a member of a company pension scheme, you can top up your pension using an AVC.
  
• - ISAs offer you a tax-efficient means of accumulating savings for your retirement (or for more general savings purposes) by allowing you to invest free of income tax and capital gains tax (subject to applicable limits). Onshore and offshore investment bonds (also known as insurance bonds or life bonds) offer you another means of saving for your retirement. In some cases, they can allow you to enjoy significant tax advantages.