When it comes to pensions it can be confusing as to where your money goes and how it benefits your retirement.
We’re here to help make things clearer…
Your pension is a long-term investment. It's designed to provide you with an income in retirement, although you can usually take some of your pension as cash from age 55 (57 from 2028). There are different types of pension and how they work depends on when you started saving, and your employment status.
The main types of pension are:
Workplace pensions are set up by your employer and you and/or your employer make regular contributions. Your workplace pension will form part of your overall remuneration package. Personal pensions are set up by you, and you make regular contributions. You can usually choose how your pension is invested and how much you want to contribute. The State Pension is a basic level of income provided by the government that you may be entitled to if you’ve reached State Pension age and have paid sufficient National Insurance contributions.
Below we have put together a journey of how your pension works in a workplace pension scheme.
Privacy & Cookies Policy
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.