Stakeholder, personal pensions and SIPPs are the most popular choice for people who need to arrange their own pension. These are essentially money purchase schemes run by financial institutions and allow you to save on a monthly basis. Stakeholder pensions are available from as little as £20 per month and have to operate within set charges, dictated by the Government. Personal pensions can have a variety of costs and charges attached to them. However this does usually mean a wider choice of funds are open for personal pensions to try and achieve the best returns.

Self-invested personal pensions or SIPPs are an extension to personal pensions, carrying all the same tax benefits except you decide where to invest your contributions. More suitable if you consider yourself an experienced and sophisticated investor who can devote time and research to manage your own pot. Options range from investing directly into shares to traditional insurance companies and even to commercial property.