Everyone needs to plan ahead for retirement. People are living longer and healthier lives, so it is even more important to think about how and when to save for retirement and how long to work.

The basic state pension will give you a start, but to have the lifestyle you want in retirement you need to think about a second pension, and the sooner you can start the better.

The main types of pension available are occupational pensions, state pensions, stakeholder pensions and personal pensions.

MoneyMonkey.co.uk can help you with all types of pensions. Click the button above to get advice on all types of products including annuity funds, pension transfers, retirement planning and self invested personal pension plans (SIPP).

Occupational Pensions
Occupational pensions are private pension schemes run by employers. They are also known as works pensions, company pensions and superannuation. Some occupational pension schemes are salary-related, which means the amount you get will depend upon the number of years you have been a member of the scheme and your final earnings on retirement. Other occupational pension schemes are run on a money purchase basis where the contributions are invested and used to buy a pension when you retire. The amount you will get from this type of pension scheme will depend upon the amount of money paid in and how well it has been invested.

State Pensions
State Pension is for people who have reached state pension age. It is based on National Insurance (NI) contributions and is made up of different elements. The amount of basic state pension you will receive when you reach State Pension age depends on the number of years you have paid or been treated as paying National Insurance contributions.

Stakeholder Pensions
Stakeholder pensions are low-cost private pensions. These pensions must satisfy a number of minimum government standards to ensure that they offer value for money and flexibility. Stakeholder pensions are meant for people who do not have access to an occupational pension or a good-value personal pension to save for their retirement.

Personal Pensions
A personal pension is a way of making regular savings for your retirement. You can get a personal pension from financial services companies such as insurance companies, banks, investment companies and building societies. You usually pay into the personal pension every month, and if you are an employee, your employer can also contribute to your pension. The money in your pension fund is invested to pay for a regular income when you are older. But you may also have to pay charges to your personal pension provider.