Pensions
There are three main types of non-State pension: Occupational salary-related schemes - offered by some employers Occupational defined contribution schemes (also called money purchase pensions) - offered by some employers Stakeholder pensions and personal pensions - offered by some employers, or you can start one yourself. You may also be offered a group personal pension at work. These are also money purchase pensions. If you work for a business with fewer than five employees, your employer does not have to offer you access to a pension scheme. You should still check what’s available, as some small employers may offer a scheme anyway. Everyone needs to plan for retirement. People are living longer and healthier lives, so it is even more important to think about how and when to save for retirement. Retirement can last for 20 or 30 years, maybe even longer. The basic State Pension is a start but it may not be enough to give you the standard of living you want.
So, if you want a higher income in retirement than you get from your State Pension, you need another source of income as well. It's never too early to start saving for your retirement. You may have other financial priorities at the moment, but don't make that an excuse to put off saving - delay can cost you money. To estimate what income a pension could provide for you in retirement, please CLICK HERE for a pension calculator.
Pensions are long–term investments with special tax rules – for example, you get tax relief on contributions. You can't access the money in your pension until you reach age 55. 
Although you don’t have to join any pension scheme offered through your job, it’s usually a good idea to join an occupational pension scheme if it’s available because your employer normally contributes; and often you also get other benefits, such as: life insurance which pays a lump sum and/or pension to your dependants if you die while still in service; a pension if you have to retire early because of ill-health; and pensions for your spouse and other dependants when you die.
Not all pensions offered by employers are occupational pensions. Your employer may offer a stakeholder pension or a personal pension through a group personal pension arrangement. These pensions are not called occupational pensions even though the employer may contribute.
Your choices
If you have checked on any pension schemes offered by your employer and have decided on a private pension, you then need to shop around for a stakeholder or personal pension. We can search the market on your behalf to find the best pension provider and product to suit your needs.
Retirement planning is not a one-off task. Review your plans regularly to make sure you are setting aside enough and that you are saving in the best way. You should always review your plans if your circumstances change.
If you leave employment with an occupational pension scheme you can preserve your pension by leaving it with that employer. You will need to check your options with your employer or pension scheme trustees.
Usually, there is no need to stop paying into a private pension just because you change jobs or stop work. But, if your new employer runs an occupational pension scheme, this will usually be a better way to save for retirement.
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