Today we are living longer and longer. You may have a reasonable expectation of surviving your retirement by 20 or 30 years. This is a long time not to be earning, and you will require a substantial fund of money to keep you in a reasonable life-style. The basic state pension does not provide a good standard of living on its own, so you will probably require additional pension provision.
We have seen a lot of examples of pension provision failing in recent times. Companies that started final-salary pensions, which are dependant upon investment, have found it increasingly difficult to meet their commitments in a slow market. The decisions you make about your pension may affect you for the rest of your life, and choosing your pension arrangements may be the most important financial decision you ever make.
This is a huge subject, and rather than try and cover the full detail of it here, we will examine the factors that may affect the type of pension arrangements that may suit you best. For more details on the types of pensions that are available, please see our pensions section.
