Pension plans are an efficient way to save for retirement

By Tom Farley, Mon 10 Oct 2011 - Published in Pensions

A good pension plan is the most efficient way to save for retirement, it has been claimed.

According to the Pensions Advisory Service, Brits can benefit from generous tax-relief if they invest in a savings fund for their twilight years.

However, the organisation noted that these saving options come with some restrictions on when and how people can take the benefits.

Tony Attubato, head of dispute resolution at the Pensions Advisory Service, said: "Pension plans are saving arrangements solely designed to provide for you when you retire.

"For most ordinary people, a good pension plan is realistically the most efficient way to save for retirement," he added.

Research by Zurich recently revealed that one in five workers admit to not taking-up a company pension scheme if it is offered to them.

On top of this, more than one in ten are not aware if their employer has a retirement fund in place and eight per cent of staff are not sure whether or not they are enrolled in a scheme.

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