Best Pension PlanHow can you find the best deal for your Pension?

There is probably no such thing as an overall ‘best pension plan’. Most people would call the money they receive each month after retirement age their ‘pension’. Throughout your working life, you will probably contribute to a pension fund or funds in one or more ways. Some of these contributions are voluntary such as in private pension schemes, while others may be mandatory such as state pensions and some occupational schemes. At retirement age, your accumulated pension savings are used to purchase some form of product (often an annuity) that will pay sums to you until you die. After death, depending upon the scheme, it may be possible for some payments to continue going to your surviving partner. More info

In terms of occupational and state pension provisions, you may in reality have very little choice over the nature of the plan and the benefits it pays. If you have a private pension, upon reaching retirement age you may be able to use the accumulated funds to purchase an annuity of your choice – and there is a large selection to choose from. In terms of what is the best pension plan, this cannot be answered other than on a person-by-person basis. Planning and saving for your retirement is one of the most important things you’ll ever need to do and unfortunately it may also be one of the most complex! Each person’s position with respect to earnings, family commitments, taxation options and retirement vision will be different. What is right and the best use of funds for your neighbour may not be right for you, so seek professional advice before you proceed with a plan. Less