Pension saving allows you to build up a supplementary pension on top of your state pension. It is also a tax-efficient way to save. Depending on your personal situation, you can claim back up to 30% of the amount saved in the form of tax relief.

You can accumulate an additional pension of this kind by putting your money into either a pension savings fund or a pension savings insurance plan. 

If you decide to save more for retirement by investing in a pension savings fund, your return depends on the performance of the investments in that fund (mainly shares and bonds).

For example, what is the mix of shares and bonds? Which shares has the fund manager included in the fund? And when does he/she buy or sell again? Your fund manager makes these choices on your behalf, based on the investment policy that each fund is required to draw up.

Lastly, the charges associated with your fund also play a role, of course. The lower they are, the higher the return you receive. Find out more about the costs associated with supplementary pension saving.

If you want to build up additional retirement income through a pension savings insurance plan, choose a safe product whose return is made up of a guaranteed rate of interest and possibly a variable, non-guaranteed profit share.

So, to sum up, you have different ways to build up more retirement income. A pension savings insurance plan gives you the most security, whereas a pension savings fund could earn you a higher return (depending on the performance of the stock market).