In general there are three simple rules regarding pensions.
If you haven't got one - get one
If you've got a little one - get a bigger one
If you think you've got a big one - get it checked every year!
The principle of pension saving is very simple, however, in practice it is extremely complex. It seems that every attempt to simplify the process serves only to add layers of complication.
You may have one or two old company pension schemes. A personal pension. A Retirement Annuity Contract. You may wonder what the new Stakeholder Pensions will bring. You may wonder what your wife or husband gets if you die before retirement. You may not even understand the existing State schemes.
At the end of the day most of us look forward to retirement with some form of financial security and reliance on existing pensions in their diverse forms has its own special risk. The only way to have any idea of the pension you are likely to receive is to analyse your present provisions carefully, determine what you have to do in order to make up the gap and then do it.
If you are concerned about your retirement provisions, or you do not have visibility of what you may receive in retirement, ask an Independent Financial Adviser. He or she is equipped to analyse what you have and recommend what you need to do in order to make up the shortfall.
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