Pensions planning when you're starting out :Cross Stitch – Pensions and retirement planning

If you haven’t yet started planning for your retirement then this information will help. The state will provide some support but you will still need to plan for your future. Find out what the state provides, how to start a personal and company pension or invest for your retirement.

Saving for your retirement may not seem important when you’re starting out. But the sooner you start saving for your retirement the more secure your future will be. The state will help but you will need to make your own plans to make sure you are comfortable when you retire in the future.

The sooner you start putting money into your own personal or company pension, the more time you have for it to build up. You might choose to take out your own personal or company pension because:

• you may get money back in tax relief
• you may get additional contributions from your employer
• you can lock your money away until you retire

See ‘Pensions – an overview’ to find out more about the different types of pensions that are available, for instance, personal, stakeholder and company pensions.

As well as pensions, there are many other ways to build up money for the long term. These include savings accounts, ISAs, property and a range of other types of investments.

Each type of savings and investment works differently and has its own pros and cons.

Find out about the different types of savings in ‘Main ways to save or invest your money’.