Salary sense: Pension guide

You might end up spending a third of your life in retirement. That's perhaps 25 years or more without a wage or salary.

Despite this, thinking about a pension plan makes most of us yawn, or perhaps feel uncomfortable about the thought of foregoing wealth now in order to have it later - a 'later' that can be very remote depending on your age.

The scary reality is that if you don't plan ahead you could be living on as little as £67.50 a week on a state pension when you stop working. Even scarier, there may not even be a state pension when the day comes for you to retire.

If you want to retire early, there's definitely no financial help at all. When you consider it this way, it starts to make urgent sense to arrange a pension plan once and for all.

In this section we look at different types of pensions, your entitlements, the obligations of your employer and how best to maximise your pension contributions.

If you don't already have any investments for retirement you'd be well advised to read our sections on this.

How much do I need to save?

State pensions

Personal pension plans

Pensions and tax relief

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