Saving for retirement and pensions are some of the most important financial goals we all need to take into account when planning our finances. The last few years have seen many more options become available for retirement saving and pensions, allowing us to take greater control over our pension provision.

The predicted lack of future state pension and demise of many final salary company pension schemes have highlighted the need to broaden our retirement planning and consider a portfolio of investments. Group company pensions may still be the main form of retirement planning for many, but as performance figures have fallen over recent years, we have begun seeking alternative methods, catering for those disenfranchised with their company pension schemes and for the self-employed.

The emergence of self-invested personal pension plans (Sipps) has for many changed the face of retirement saving, providing all the tax advantages of a traditional personal pension scheme, but with greater flexibility and control. Sipps allow you to choose when, how and where to invest your pension savings for retirement. And from April 2006, new rules will come into effect allowing you to put residential property in your pension, making it income and capital gains tax free.

Despite Government plans to simplify pension planning, it will always be a complex area and there are many factors to take into consideration, for example: When is the right time to start saving for retirement? Will a company pension scheme be enough to retire on? Should I contract out of the second state pension?

Saving for retirement may seem difficult, but help is at hand from independent financial advisers, who can help you through the maze of pension products.

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