Tips on finding the best personal pension plan

Plan for the future and find the best personal pension plan for you. Below are great tips on how to do that

10:41 17 January 2013

If you’re thinking about your future and if you want to make sure that you’ll be well-covered financially for your golden years, you should seriously consider paying into a personal pension plan while you’re still employed.

Here are some tips on how you can find the best one for you:

1.    Understand and identify the best type of personal pension that meets your needs. The first step is to do your research and to fully understand the types of personal pension available to you.

Doing this will help you determine where and how you want your money to be invested. You may opt for self-invested personal pension plans or go with traditional managed pension funds. Know the pros and cons to easily figure out which one is best for you.

2.    Check each pension’s track record. You would want to make sure that the type of pension plan that you want to invest in have stellar track record; after all, it’s your money. Aside from getting information online, conduct surveys as well. Interview some people who have invested on the same pension fund to get much-needed tips.

3.    Check the fees. Once you’ve decided on what type of personal pension you need, the next step is to check the fees, which may vary significantly from account to account. Thorough research and careful comparison is needed to ensure that you pick the best one for you.