Saving for retirement

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. But for most of us our pension is something we do not give much attention to. It is something we do not want to think about – it is in the “too difficult” box.

 

However, with a helping hand, pensions can be much more straightforward than you might think.

 

Did you know? …

You may be able to contribute to more than one pension – e.g. to a SIPP or other personal pension as well as to your company pension scheme.

 

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:

 

• State Pension - Learn more about the pensions provided by the state.
  
• Stakeholder Pensions - 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.
  
• Personal Pensions - Find out how you could benefit from a personal pension plan.
  
• Self Invested Personal Pension (SIPP) - 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.
  
• Company Pensions - These schemes are set up by employers and can offer you a range of benefits.
  
• Additional Voluntary Contributions (AVCs) - If you a’re a member of a company pension scheme, you can top up your pension using an AVC.
  
• Alternative savings - 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.

 

Retirement planning centre

The State Pension