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What are the Best Pension Plans, Help Finding the Best Pension Plan Online - What Makes the Best Pension Plan?

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Best Pension Plans

Receiving a full state pension depends very much upon whether the required contributions have been made during your working life. Currently one needs to have made at least the minimum contributions for a full thirty years before the full entitlement is reached.

Even for those who satisfy these criteria, the state pension hardly provides for a life of luxury. The United Kingdom is notoriously ungenerous in this department by comparison with some of our European counterparts. For those without a good company pension a private plan is often the best and indeed only way to ensure that one will remain comfortable when reaching pensionable age, assuming that is that the prospect of working into one’s seventies and beyond does not appeal.

There are a number of important factors to take into account when considering the best pension plans, and in particular when trying to identify a scheme that best suits your own individual circumstances. One of the most important, of course, is flexibility. Does the plan you are considering allow you to vary or reduce payments, or even to suspend them for a period? Does it allow you to retire whenever you choose?

The second consideration towards finding the best pension plans is always the fees that a pension provider levies against its clients. Even the best pension plans will include some administration costs, however they can and do differ between companies. Your contract may also require you to pay a one-off charge when you open your pension plan, or if you wish to transfer it. One should always be aware of any such charges before committing to any particular scheme.

One pitfall that does need to be avoided when searching for the best pension plans is the over-zealous attentions of middle men, whose advice will often have more to do with their own potential to earn a commission rather than yours to find the right pension. It is always a good idea to be mindful of the pension agent’s personal interest, and if possible one should try to avoid this scenario completely by taking out your best pension plan directly with the bank or building society, or through a specialist broker.

By some distance the most important consideration though when seeking out the best pension plans is performance. Ultimately the size on your pension pot depends upon the performance of the financial markets, and on the skills of the fund managers with which your investment has been entrusted. Sometimes such factors are beyond the control of even the most skilful of investors, but it is still highly advisable to ensure that your investment is placed with somebody with a demonstrable track record of success.

If you are looking to find the best pension plans, try some of the pension websites and pension plan comparison sites above, and start searching for your best pension plans today.

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