Finding the right Personal Pension plan for you

If you're looking to invest money for your retirement, a pension plan could be a way to do this. But which is best for you

17:01 14 January 2013

There are many ways you can invest your money for the future, so if you’re looking at ways in which you can prepare for your retirement it may be worth looking into Personal Pension plans.

Many people go down the pension route in some shape or form, but here’s some information on personal pension schemes for you to consider.

•    As pensions are a long-term investment, you should consider carefully if you can commit to a scheme before you take one out.

•    Don’t always pick the cheapest pension policy there is, as you are building for your future so you might want to take your time and look at all of the details. Shop around and compare – the less you have to pay your provider, the more money you will have for your savings.

•    You can always seek advice from an Independent Financial Advisor if you are unsure.

 

•    The size of your pension will depend on the type of fund you invest in. You can receive a statement each year which details your savings. It is best to monitor the progress of this to see how your pension is shaping up.

•    You can transfer your pension, just as you would transfer an insurance policy from one provider to another, although there may be costs involved. Always read the terms and conditions of your personal pension plan.

•    One way that you can avoid paying for commissions is to take out a personal pension with a bank, for example. There are other establishments who can also provide a similar gain though.