Choosing a pension yourself

If you want to start saving in a pension or save more than your current scheme allows, you can save into a personal pension.

What to look for when choosing a pension

Different pension schemes have different terms and conditions.

Here are some things you need to think about when choosing your pension and provider:

  • Is there a minimum or maximum level of contribution I can make?
  • Will I have the option to stop and start my contributions, without penalty?
  • Can I pay in lump sums, as well as regular contributions?
  • Is there clear information about where I can invest my contributions?
  • Does the scheme offer the right range of investments for me?
  • What are the charges?
  • What help and support does the provider offer to help me plan for my retirement and monitor my investment options (including online access)?
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These are offered by insurance companies, banks, building societies and other pension providers, including online companies.

You can join these even if you’re already a member of a workplace pension.

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What to do when you’ve decided on a pension

When you’ve decided on a personal pension that’s right for you:

  • You can go direct to the firms that sell them – compare their products and make your own decision about which one to choose. But with this route – if you make the wrong decision and the product you choose turns out to be unsuitable, you’re less likely to be able to make a complaint.  
  • Or you can use a regulated financial adviser – they’ll compare products on the market and make a recommendation personal to you.
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Looking for us? Now, we’re MoneyHelper

MoneyHelper is the new, easy way to get clear, free,
impartial help for all your money and pension choices.
Whatever your circumstances or plans, move forward with MoneyHelper.

Continue to website
Looking for us? Now, we’re MoneyHelper

MoneyHelper is the new, easy way to get clear, free,
impartial help for all your money and pension choices.
Whatever your circumstances or plans, move forward with MoneyHelper.

Continue to website
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