Beginners’ Guides

Beginners’ guide to pensions and retirement

Questions to ask

The pension you choose will depend on your individual circumstances. To get you started here are some questions to ask:

Will the State Pension give me enough income to maintain my current lifestyle?

If you think you would need more than the pension available from the State, you should probably start to think about saving for retirement sooner rather than later.
Does my employer have a pension scheme and would they contribute towards my pension?

If your employer has a pension scheme, you should certainly consider joining, particularly if your employer will contribute.

What are my existing pension arrangements?

You may be a member of your current or former employer’s occupational pension scheme or group personal pension, for example. Alternatively you could already have a personal or Stakeholder pension.
Do all individual pensions receive tax relief?

Usually any payments that you make into a personal or Stakeholder pension plan can qualify for full tax relief. So, effectively, the taxman ‘tops up’ your pension.