To start a pension, you in conjunction with your advisor should take the following steps:
- Research: Understand the various types of pensions available, such as personal pensions, company pensions, PRSAs, Personal retirement bonds. Consider factors like costs, investment options, and flexibility.
- Choose a Provider: Select a pension provider or scheme that aligns with your preferences and requirements, taking into account such factors as charges fund performance and customer service.
- Set up Contributions: Determine how much you can afford to contribute regularly, taking account of the tax relief available.
- Complete the Application: Provide the necessary personal information and complete the application forms provided by your chosen pension provider.
- Monitor and Review: Keep track of your pension performance over time and regularly review your investment choices to ensure they align with your retirement goals.