Different ways to save

Pensions are generally the most popular way to save for retirement. However, they’re not your only option.

How are you saving for retirement?

You may have already started to save in other ways and you should review the following at the same time as any pension(s)you have:

  • Individual Savings Accounts (ISAs).
  • Property.
  • Savings accounts.


ISAs allow you to invest your money in a tax-efficient way – you don’t pay tax on any withdrawals.

There are different types of ISAs available that invest in cash or stocks and shares.

You can use your ISA savings to support your future plans, as they can provide a tax-free income or lump sum as required.

You can make the most of your annual ISA allowance and continue to save up to £20,000 per year (tax year 2022/2023), and split it between cash or stocks and shares.


You may already have property or intend to purchase a buy-to-let property as a source of retirement income. Property can be considered complementary to other sources of money in retirement alongside pensions and ISAs. This would mean you don’t have all your eggs in one basket.

Savings accounts

It’s a good idea to have savings in the bank or building society. This gives you easy access to your money, which is useful for your short-term needs.

However, due to low interest rates, if you’re planning to use this money to support you for the longer term, it won’t give you the returns potentially available elsewhere.

What’s the right thing to do?

There's no right answer. A lot depends on your individual circumstances, including important factors such as:

  • how much investment risk you’re prepared to take
  • if you think you’ll need access to your savings before you retire
  • how long you’re prepared to invest for your retirement.

You should think carefully and take financial advice if you're not sure what’s right for you.

Pension tracing

If you need to find a lost pension, you can search on the Government's website.

Find a pension

Not sure where to start?

If you don’t know what to do about retirement or pensions, let us help. We’ll explain the basics and give you all the information you need to get started.

Retirement explained

Explore Retirement

Once you’ve got the basics, it’s time to take a look at some of the other stages of the retirement journey.

Retirement explained