It's no secret that pensions have an image problem, but why are they so boring? Because at first glance the subject is intangible, depressing (it's about getting older), complex and wide open to procrastination.

Investing in the stock market on the other hand is exciting. So is having a wealth-accumulation strategy. But that's just what a pension is, a long-term wealthaccumulation strategy that involves lots of investing in equities. Having accepted the common wisdom that the earlier you start a pension the better, you need to know what to look for in your pension.

If nothing else you should investigate three basic factors; transferability, investment strategy and cost structure.

For the younger investor, the short-term prospect is very important. You need to ask about transferability. What you get on transfer is much more relevant than what may happen in 35 years' time.

The average person starting off their working life can expect to move jobs six times. That obviously has an impact on pension planning and so it's crucial to find out what will happen if you leave your employment after a year or two. The question is, how much will you be able to carry with you and will there be exit penalties? There is even the possibility of negative value with some pension funds, where commission, charges and penalties in the early years will eat up the initial investment. Don't let this happen to you.

If you are negotiating a contract, you may find you would be better off to forget the company pension, ask your employer to pay you the extra salary and start and maintain a personal pension instead.

The next thing to think about is your investment strategy. In company schemes, employees have a choice of funds offered by the pension provider. People with personal pensions have a choice of all the funds of all the pension companies.

If you don't know the asset allocation breakdown of your fund, ask for it. Find out what percentage of the fund is invested in stocks and shares, bonds, cash and property. How many free switches in and out of different funds are you allowed to make?

For the early years of the pension, financial advisers will invariably advise clients to go for a pure equity fund. Yet the majority of employees in defined contribution company schemes do not even weigh up their options and end up with all their money in the default low-risk, low-growth managed fund. Mr Aidan McLoughlin, of fee-based independent financial advisers Financial Engineering Network, has many clients in the younger age bracket. "If you are under 30 you should go the aggressive route. Look upon it as an investment. You have a pot of money and you decide how it is invested."

Mr McLoughlin also argues that people should not be discouraged by the financial scale of the task. The most important thing is to make a beginning, however small, and to pay into your pension whatever you can afford, he said. New disclosure regulations have come into force in the pensions and insurance industry, which will be very useful to anyone who takes the trouble to understand what they are being sold.

From now on, the customer must be shown exactly how much commission the broker or salesperson is making from their business. Figures supplied will also give a breakdown of all costs and charges and projected encashment or fund values each year of the investment or policy.

Look at the cost structure of the product. Ideally arrange for your pension on a fee-only, nil commission basis to maximise the investment. Try to choose a product that spreads the charges over the lifetime of the fund so that you won't be caught out on transfer value.

As you have no idea what your family or work circumstances will be over the next decade, find out how flexible your pension is in relation to stopping and starting contributions. While you are in the planning mood, you should consider the possibility of what would happen if you were unable to work for health reasons.

Paying permanent health insurance premiums, like pension contributions, is extremely tax efficient. You can claim tax relief at the higher rate for these outgoings.