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Making decisions on joining

Depending on the type of pension arrangement you are joining or taking out, you may have to make certain decisions on joining. Generally, you will need to complete an application form to become a member of a pension scheme or start a pension contract. This will require you to confirm your personal details and outlines areas where you will need to make a decision.

If you are taking out a personal retirement savings account or a personal pension, the main decision you will have to make is how much to contribute.

The Pensions Authority’s online Pension Calculator can help you with this decision.

In a defined contribution scheme, you may also have a decision on how much to contribute, especially if the employer’s contribution depends on how much you pay.

In a defined benefit scheme, you may also have the option to make additional voluntary contributions.

Other decisions that you have to make may include investment decisions, and deciding how any benefits payable on your death should be administered. Your application form will generally ask you about dependants and other beneficiaries if they are covered.