If your employer does not offer a company pension scheme, or if you are self-employed, you should consider paying into a personal pension plan.

A Personal Pension Plan is an investment policy designed to provide a lump sum from which income in retirement can be provided. Personal pension plans are money purchase arrangements, meaning that you contribute to a policy either monthly, annually or by way of a lump sum, from which the money is invested in order to build up a fund. The amount of the pension which will be payable in retirement depends upon a number of factors, including the following:

• The amount of money contributed to the scheme.
• How efficiently the money is invested and the performance of the investment funds used.
• The annuity rate upon retirement. (An annuity rate is the factor used to convert the “pot of money” into a pension on retirement.)

In order to decide which insurance company is to provide you with your pension, it is essential that you obtain independent pension advice to find the right pension for your specific requirements.

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