Pensions are now obsolete – here's what we need to do about it - Citywire Well ahead is an ISA, then a qualifying life insurance product called a Maximum Income Plan, then direct share ownership to make full use of CGT allowances, then an investment bond with its 5% tax free income allowance. Depending on your risk appetite, and given its substantial tax reliefs, they then might even consider a Venture Capital Trust. And all of this before a pension. in Public bookmarkswith money