How to Use Pensions and ISAs for Retirement Planning

When you think of retirement planning, pensions are probably the first thing that comes to mind. Most people have a pension through their employer and have contributed for at least part of their working life.

6th May 2021

But the most effective retirement strategy uses a combination of approaches. Other investment options, such as ISAs, can make your retirement plan more flexible than using pensions alone.

A pension is an investment vehicle designed to help you save for retirement.

You may have a Defined Benefit pension, which provides a guaranteed income depending on your salary and years of service. In this case, your defined benefit pension could form the baseline of your retirement strategy, although you may wish to supplement this with additional savings.

This guide is mainly concerned with Money Purchase pensions, which allow you to build up a pot of money to fund your retirement.

A Money Purchase pension works as follows:



Individual Savings Accounts (ISAs)
An ISA is a savings or investment account that can be used for any purpose, including retirement planning.




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