The following is a list of questions that should be asked when choosing to start a pension:

- What type of pension plan will best suit my needs?

- How much do I need to save in order to retire?

- How will I proceed in order to meet the income target (i.e. timescale/contribution requirements)?

- What can I expect in terms of my pension plans associated charges (i.e. are there regular annual fees? Or, one- off set- up charges?

- Do the contribution amounts increase with inflation? Do any charges apply here?

- How much direction does the policy holder have over the investment of funds?

- Does the pension provider allow for transfers between funds and are there charges applicable to this process?

- What is the speculated future value of the pension policy, assuming a steady rate growth per year?

- What happens if the policy holder is unable to work, or dies?

- What degree of flexibility does the pension policy have? Are there contributions holidays available on the policy?

- Can contribution amounts be modified during the course of the policy?

You should try to start a pension policy as early as possible. The earlier a pension plan is started, the greater the likelihood of building a significant nest egg, this means that as the policy increases in value, the lower the amount of contributions you will have to make in order to ensure a successful retirement.