Pensions are too complicated

It is true to say that the financial services industry has done itself no favours in how they present pensions to the general public.  Its also true that successive governments have added to the complexity with different pieces of legislation and a lack of joined-up thinking.  However the fundamental concept is very simple and a small amount of time spent now will prove an excellent investment.  Don’t allow yourself to get sidetracked by thinking you will need to really get to grips with something very complex before you can start. You don’t.

A pension simply represents money you save now to spend when you are retired.   That’s it.  Nothing more complicated than that. You can think of a pension as a tax-efficient savings account which you can’t access until you retire. The real key to success is to start taking an active interest now, including saving for your pension as soon as you can. The sooner you start, the more time your money has to grow before you need it and therefore the more your pension will be worth.

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