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A pension is a method of saving for retirement. There are many different types of pensions and each can have their own tax benefits.

More detail:

A Pension is a type of retirement plan that provides income to individuals when they retire. Pension providers usually invest the contributions to grow the money and combat inflation.

There are lots of different types of pension. A Workplace Pension is arranged by an employer for their Employees. There are tax-reliefs with this scheme which are either automatically added to the pension pot or can be claimed with a Self Assessment.

A State Pension is a regular payment from the government once you retire. It is funded by National Insurance and the amount you receive depends on your lifetime National Insurance contributions. There are also individual pensions that allow you to put money in when you want to.

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