In December 2010 the FSA fined Scottish Equitable Aegon 2.8million for failures in their pension admin process which could have resulted in people carrying out pension transfers without being properly advised on the charges on the fund and this could possibly lead to you being mis sold pensions (if you have transferred in the past).
Self Investment Personal Pensions are designed to allow individuals to allocate savings that have tax protection and can be used to properly invest for retirement. Devoting enough funds to this account can be difficult for certain lifestyles and occupations and require outside assistance to properly manage. Most people who invest in these programs should learn about the specific requirements and criteria for accessing the fund in this account for investment purposes.
Pension, also referred to as superannuation or retirement plan, is defined as a financial arrangement that provides people with income after they have retired and no longer work. Compared to a severance pay, pensions are paid through installments while severance pay is given only once.