If you are interested in availing personal pension as your future investment when you retire then this article will be very helpful.
Availing a pension scheme, it may be personal or company, you should know first whether it suits your situation or not. And to know that, the following are just some of the situations that it could be applied:
- If you are unemployed but you are capable of paying a pension plan
- If you are self-employed
- If your employer does not provide a company pension scheme
- If you don’t want to pay into a company pension
And in contrast here is an instance where it is not applicable:
- If your employer, of course, offers company pension
Because availing a pension plan is a delicate matter, there are other important factors that should also be considered when availing a scheme, aside from just knowing whether if it suits the situation you are currently in or not. And these financial decisions are:
- How will your contributed money be invested?
- What are the rules on payments or contributions?
- For setting up your pension how much will your provider charge you?
- For administration how much will your provider charge you?