Selecting the Right Type of Pension Scheme

If you're thinking of starting a new pension scheme, taking out an additional scheme, or transferring an existing scheme, then it's always a good idea to make sure that you consult with an independent financial advisor before you make any decisions.

There are a number of different schemes available, all of which offer various advantages, depending on your circumstances. Take some time to look through the section on pension types so that you can familiarise yourself with the options.

When you choose a pension scheme, you'll need to consider issues such as:

• What income you want your pension to deliver when you retire.
• The level of funding you are prepared to give.
• The charges, costs and penalties.
• Whether you want to be able to change your pension scheme easily.
• The reputation of the pension provider.
• Whether there are areas in which you would like/not like your pension scheme to invest.
• What happens to your pension benefits in the event of your death.