Pensions are financial tools whose purpose is the provision of money in later life. Because it is considered good public policy to try and get people to save for their own retirement (rather than rely on the State) pension funds are given special tax treatment.

Over the years, however, governments have changed the system so much that it is all highly complex (much more complex than it should be).

The good news is that we are living longer. So, very often, we are living beyond retirement for longer. The not so good news is that in the future it is unlikely that the state will be able to fully support a far higher proportion of the population as pensioners.

The answer is good pension planning for everyone and it’s more important than ever.