What on earth is a pension?

Quite simply, pensions are payments that you might get after a certain age. Claiming a pension used to depend on you giving up work, but with new rules introduced over the past few years you don’t have to finish work to draw a pension and you can even finish work and keep saving! 

But of course the money doesn’t appear from nowhere. You gotta put in to get out! There are four main types of pension in the U.K. Check out the links below to see how they work! 

  1. The State Pension
  2. Gold Plated Pensions (also called Final Salary or Defined Benefit)
  3. Workplace Pensions (these can be Money Purchase or Defined Contribution or, for the lucky few, Gold Plated – see above); and 
  4. Personal Pensions (also called Money Purchase or Defined Contribution)