Before starting a personal pension plan, it is important to:
- Decide how much you can realistically afford to save regularly
- Start saving early to maximise long-term growth
- Understand that pension savings are locked in until retirement and are not intended for early access
- Consider how your pension savings will be invested and the risks involved
- Ensure the pension plan and provider are authorised and regulated by checking the MFSA website
- Carefully review the pension plan’s terms and conditions, including the fees and charges
- Check the tax benefits available when contributing to a personal pension plan
- Review your plan regularly and adjust contributions if needed
