Pensions can appear to be quite complicated, but the basic concept is simple. A worrying fact is that millions of people in the UK today are not saving enough to provide them with the standard of living they expect to enjoy when they retire. Many don’t realise that the state pension only gives a foundation and without another form of income it is probably not enough to live on.

There are numerous advantages to taking out a private pension and one of the most significant is the tax benefit. Contributing into a pension is similar in a way to a long-term savings plan with the added benefit of tax relief. Because you receive tax relief, any contribution you make to your pension means more money for you and less for the government. Additionally, when you retire you can take 25% of your pension fund as a tax-free lump sum.

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You can have a personal pension plan if you are self-employed, unemployed, or an employee. Most personal pensions are flexible, which means that if, or when, your circumstances change, for instance you stop working or start a new job, then you can continue contributing to the same scheme.

As with any type of investment there are risks and it is important you speak to a professional regarding any concerns you may have.

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