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If you are debt-free, would like to save towards a long-term or mid-term financial goal, and are already using your personal allowance, then a stocks and shares ISA is definitely a good idea.

Combining various old pension pots into one means less admin to worry about, and potentially lower overall management charges, plus with a SIPP you can gain greater control over your investments. Moving pensions is not advisable if you have a DB pension, and you should also first check out whether you'll incur exit fees or a loss of benefits if you move. But if consolidating is an option for you then there are 3 things to consider: Firstly - fees. How much are you paying, and could you be paying less elsewhere? Secondly - growth. How has your pension performed, and how does that measure up to other funds and providers? Thirdly - does a SIPP work for you? Visit our Best Personal Pensions & SIPPs page for data on fees and performance and our Guide to SIPPs page more information on how SIPPs work and whether they're right for you.

This choice must ultimately come down to how you feel about risk. While S&S ISAs have ultimately seen the best returns over the 25 years ISAs have been in existence, you have to ask yourself how you would have experienced the intervening years. Would the higher level of risk you would be exposed to through an investment product have kept you awake at night? Do you value the certainty and peace of mind that a savings product with a guaranteed minimum rate of return brings - even if that means you might be overtaken by the ISA millionaires if things go their way? What if things hadn't gone their way? How would you have dealt with that? Could you have afforded to write off loss to your principal investment? Or would you plans for the future be seriously affected? With interest rates on cash ISAs now over 5% in some instances, they can be the smart option if you want to keep risk to a minimum.

This depends on your circumstances and what you can afford. Remember that investing should be considered a long term endeavour, with a minimum of 5 years in the market, so you should be comfortable with not accessing your investment funds for that time period. Starting small, and gradually drip feeding your money into the market on a regular basis is a great place to start.