Things to Consider Before Starting a Pension Plan

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