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How to select your pension

There are many different types of pension, and some have very different characteristics and facilities. These include;

  • Defined Contribution pensions
  • Defined Benefit pensions
  • Personal Pensions
  • Workplace Pensions
  • Stakeholder pensions
  • Self-Invested Personal Pension SIPPs

The key to making a pension choice is;

  1. What choices are open to you? Your choice may be restricted by the type of pension your employer is willing to pay into.
  2. Once you understand which types of pension are an option for you, think about what pension income options those particular types of pension offer in retirement (see How to take pension income), as you don’t want to select a pension that you subsequently have to transfer out of at a later date (because it doesn’t give you the retirement income options you require).
  3. Complete an analysis of all costs as some types of pension are more expensive than others.

If you need advice, or, wish to consider transferring your pension contact Cambridge Pensions