So a clear option is find out more about a personal pensions. This is an investment policy designed to provide a lump sum at retirement and an income for life.
A stakeholder pension is also a type of personal pension, operating in a similar way, except it has to conform to certain minimum standards set by the government. This means they must have lower charges and clear terms.
Personal pensions are "money purchase arrangements", meaning you regularly contribute to the policy and the money you save is put into investments for you such as bonds or stocks and shares.
Personal pensions are purchased from a provider such as an insurance company, High Street bank, building society or most typically, a pension company. They are far more complex than other financial products so do not appear on comparison websites as often.
Consumers are best off finding an independent financial adviser (IFA) who will have qualitative research on the different offers from providers.
Personal pension contributions can be invested in most asset classes. In other words, they can go into UK and overseas equities, fixed interest, cash and commercial property.
When you invest in your personal pension, there are no guarantees of returns and the value of your investments can fall as well as rise something worth talking through with Enable if you live in Bishop's Stortford or nearby.
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