UK Pensions Advice

1. Firstly realise that although you may be eligible for a basic state pension if you pay national insurance contributions it will never be enough to retire on comfortably if it is the only vehicle you have to provide an income when you finish working.

Acknowledging that and deciding to do something proactive about it starting today is possibly the first and most important point of all.

The average person is retired for a period of roughly 20 to 30 years - that's a long time to be poor if you've not set in place solid plans to give you a good pension.

One of the worst things you can do is bury your head in the sand and put off building your pension pot because you may be afraid of choosing the wrong plan to begin with.

This is quite a common response and it's one you need to guard against.

2. One of the best places to start is to begin contributing to your employers company pension plan - very often your company will be making contributions and the tax relief alone you'll enjoy from the Inland Revenue make this, in the majority of cases a pretty wise decision.

Of course not all group company pension plans at the same, perform equally well or provide the same benefits.

The first thing you should do is look at the booklet that your employer provides which will detail what type of pension you have and the provision it gives you.

You can find out how much income your company pension will give you by looking at your annual pension statement. This will give you an idea whether or not you're on target to achieve your retirement income goals.

3. Even before asking for professional advice you should have at least some kind of basic understanding as to what types of pension products are available to you.

One of the best places to give you a good overview is the Money Made Clear Website provided by the FSA Once at their site look at the 'Compare Products' section - visit this link...
FSA UK Pension Tables

and it will take you to a very useful, impartial comparison table of personal pension and investment products from different companies.

That way when you come to sit down face-to-face with an independent financial adviser you can be pre-armed with a working knowledge of the different type of pension products you will be discussing.

4. The next step is really vital, yet it's often missed which is a pity because it will often mean the difference between a high performing pension and one that provides a very low income for your retirement.

It's essential that you review your pension plans regularly, (state, company, personal) to ensure that you're on target to achieve the retirement income that you need.

Regular meetings with a trusted Independent Financial Advisor an really help in this regard.

It's at this stage that invaluable input and suggestions can be made, especially with regard to the type of pension fund assets your plan is invested in and whether or not you could achieve higher performance by moving some of your assets within your portfolio if it is called for.

5. Consistently keep your finger on the pulse by bookmarking the following financial websites which will always keep you up-to-date with market changes as well as government legislation concerning UK pensions...

Get a Pension Forecast for what you may get at retirement

UK regulator of work-based pension schemes- News & Helpful Info

Defined Benefit Pension Help - especially in case of Company insolvency etc

Help regarding deferring pensions