We work our entire life. We work partly so that we can save. And we save partly so that we, or future generations, will have a comfortable life – extending to when we retire.

However, it can be difficult to know how to make the most of your savings and the money you have been piling into your pension pot for most of your life.

Jaz Singh and Arun Kumar, owners of a financial consultancy firm, came on the show to explain the concept of various pensions, maximising your return on your pensions, and to shed light on various alternative investments that, depending on your financial situation, can give you a greater return on your money.

 We began by discussing workplace pensions considering the changes that have come into effect since June 1st. The government now requires all companies, even as small as employing one employee, to enrol their employers on to a pension scheme.

How does this work? Different employers have different policies but the basic concept is that you will pay a certain amount of money into your pension pot, and then your company will also pay a certain percentage. Most commonly, they will either match your amount or give double. How much you put into your pension pot is entirely up to you.

 This money is tax-free until you want to withdraw it. Various tax implications apply according to the amount you withdraw and when. If you withdraw the lump sum, which you can now do after the pension freedoms Chancellor George Osborne has introduced, you will be taxed on 75% of the total, while the other 25% goes tax-free.

 Employers are required to automatically enrol you for the pension scheme but you can opt out. However, Jaz and Arun stated that it is never too early to start saving! Always plan ahead.

 They said that investments and savings in a workplace pension may not be the best method of seeing the greatest return on your money and that you should also look at other opportunities such as investing in a property.

 According to a case study, it suggested that it was worrying people were using their pensions to invest in properties, so I asked Jaz and Arun why this case study would portray that advice negatively. They stated that with a property you can see a greater return as you can keep spending money on the interest.

 Another alternative type of investment involved car parks and storage! To invest in a car park, the savings you require are entry level, so about £20,000. Both car parks and storage units are regarded as commercial property so see a good return on savings.

 Arun and Jaz stated that the minimum return you see on your investments if you opt for alternative types is 8%, so I wanted to know the maximum return! They stated this is for high-risk investors, putting in for example £100,000 and seeing a return of about 25%. The Enterprise Investment Scheme (EIS)is great for people paying high income tax as they get greater relief. So, if somebody invests £100,000, they get 30% relief which gives them £30,000 from the taxpayer and the initial value remains.

 They recommended putting all of your money into one pension pot and then distributing it out into different investments so that all your eggs are not in one basket. They explained how to do this.

 Firstly, you should tidy up your pension. If you have worked at various places, had different jobs, and have many different pension pots, it is a good idea to place them all in one. This is so that you know where everything is and how much money you actually have. They explained that one of their clients had no idea where his savings were and how much he had where!

 Secondly, you should review your pension regularly so that any details you have forgotten about come to light again and you have full control of how much you own because you have a clear idea. Arun recommended everyone should get a pension review.

 Ultimately, you will be able to combine your pension pots them move the money in that pot into different investments. This applies to people who have been working for the last 10-30 years because they will have different pots. However, with the changes that have now come into play, employees will only pay into one pot and take this with them to new workplaces.

 When it comes to pensions, many young people faze out and become disinterested. Many are barely able to even get onto the property ladder and have a comfortable life right now with the state of the economy and the cost of living rising, let alone planning for a pension. Many also think that they may not even use their pension and may die before the age of 55 so may as well enjoy the money now.

 Jaz and Arun reiterated planning and making investments early on is always a good thing. And if you die before being able to use your pension, it goes to your next of kin – so it is not a complete waste!

 So get that pension review and if you are not keen on a pension and think you could get a better return, have a look for alternate investments and schemes!