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Tips for Choosing a Personal Pension Scheme

  • Posted 9th September 2015

Tips for Choosing a Personal Pension Scheme

Do you plan on retiring in the near future? If you do, put some thought into pension as it is one of the great ways of saving for your retirement. When you decide to take a pension scheme for saving up, you can either take out your personal pension or stakeholder pension. Usually, insurance companies or your workplace provides such pension schemes. With so many personal pensions on the market, choosing a one can be a bit different. So, to help you choose the right one, here are some useful tips. • Before you decide to choose a pension scheme, research and get plenty of information on pension plans available. Then, compare the products from the different pension providers. • Make sure to choose a one where you can afford to make contributions. In case you have irregular income, you need to check whether you have to make regular payments or you have some flexible option. • Check out the time and costs you have to pay. Such costs can be administration fees, transfer charges, and charges for managing your investments. Other technical costs related with investing in different stocks and securities should also be checked as they can be unpredictable. • Check out how the funds will be invested in personal pension. If only you are happy with how investments are done, go ahead and choose it. • Expert financial advisers have the expertise in such pension and can guide you in choosing the best one. Thus, make sure to take advice from them before you decide. Apart from these tips, make sure to watch out for pension scams too used by the frauds to lure you and others looking for pension schemes. If you like to discuss personal pension schemes in details, you can speak to one of our financial advisers today. Send in your inquiries at info@phoenixtaxaccountancy.co.uk or call us at 075 1807 5357.

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