If you would like to maintain the standard of living enjoyed during your working life and not experience a dramatic drop in income when you finally give up work then you need to start saving now for your retirement.

A good pension can offer you the financial security you need to enjoy this time of your life. It is also important when you are investing in your long term future that you have the freedom to choose where and how you invest your money and also that you have the option to change your choice of investments along the way.

It also makes sense to start saving for your retirement as it is one of the most tax efficient ways to save money. At present, the main tax benefits are:

Tax relief on your contributions : The % of your income you can get tax relief on for your pension increases as you get older

Tax-free investment growth : you won't have to pay tax on any growth of your Pension funds

A tax-free lump sum when you retire (depending on what type of Pension plan you have)