If you decide to invest in a product that invests in funds then you will need to choose which funds you want to invest in.

First things first, do you want to invest for income, growth or both?

Do you want a managed fund, where the choices over what to invest in and when are made by a fund manager, or a tracker fund, which will track the performance of an index, such as the FTSE 100?

All these decisions are important as they will affect the funds you invest in and how much you pay in charges.

This will help you to decide the type of fund to invest in, such as an equity fund for growth or one that invests in fixed interest securities for income.

You will also need to think about the level of risk you are prepared to take with your money.