Most of us now recognise that we need to plan ahead to save money for when we retire. There is an increasing emphasis on the need for individuals to pay into private pensions so we don’t need to rely on the government for handouts in old age.

With ever changing rules surrounding pensions from the introduction of stakeholder pensions to pensions simplification, the number of retirement planning choices increases. Should you be investing your money in a money purchase or final salary scheme, or a personal pension and which pensions funds offer your preferred level of risk and desired growth potential? This is where an IFA can help by guiding you through all your available pension options.

As you approach retirement, you will also need an IFA to tell you which is the most appropriate way to draw from your pension. Is it through a traditional annuity, phased retirement, income draw down or a combination of these? Only an IFA can advise on every aspect of pension and retirement financial planning.