Using a pension to save toward retirement is not the only option!

Retirement planning is about accumulating funds over the course of a working lifetime.  Other forms of saving that can be used include investments into Individual Savings Accounts (ISAs),  other forms of pension or retirement plans such as FURBS or Qrops, accumulating money into bank accounts or building society accounts, buying shares and gilts.  There may well also be room for alternative assets such as stamps or gold.

Any retirement planning, worth its value, must include a range of savings vehicles and ideas.  The retirement “plan” is about accumulating wealth across a number of different types of saving vehicles and getting the mix right is very important.

Retirement planning is not the same as pension planning.  Pension planning in effect is one part of retirement planning and this should be reflected in the overall plan of action.