Each type has its own advantages and disadvantages. However, when compared to other ways of saving for your retirement, there is one major advantage that they all share; any money you pay into your pension is not taxed. If you are resident in Uk then you can also get the information about private pensions via https://www.devere-acuma.com/service/international-pension-planning

The Private Pension (Also called a Personal Pension) You pay regular monthly amounts to a pension provider who will invest the money on your behalf, building up your pension fund.

If you are still able to join a company pension scheme, especially one that includes contributions from your employer, you would be wise to do so. Unfortunately, as we hear all too often, company pensions are being closed to new employees or even closed down altogether.

There are three main pension types:

1. Private (or Personal) Pension

2. Company (or Occupational) Pension

3. Stakeholder Pension

A private pension therefore may be the best option for the rest of us. Almost anyone can take out a private pension providing they can make regular payments and the pension providers do not place restrictions on who can pay money in to the pension. This means that in addition to your own contributions, partners or other family members could help you save for your retirement.

You will receive yearly forecasts from your pension provider that tell you how much you have in your fund and what they predict your pension income will be if you continue to pay in at your current level.

The final value of your pension fund will depend not only on how much has been paid in but how well the fund's investments have performed. Your pension will be subject to 'administration' charges that will be taken directly from your pension fund. Administration charges will be shown on your yearly forecast.

What to look for in a private pension

Choosing your pension scheme is an important decision so you will need to shop around for the scheme that best suits your plans. When considering a pension schemes, make sure you understand:

The rules for making contributions: who can make payments, are there minimum or maximum payment amounts and what happens if you take a payment break?