Pension

Personal

WHAT IS IT?

A pension is a long-term arrangement designed to provide income or funds for later life, subject to the rules of the particular pension.

IN PLAIN ENGLISH

It is money put aside for your future self, usually with tax rules and restrictions around access.

SIMPLE EXAMPLE

Workplace pensions and personal pensions can build up over time through contributions and investment returns. The outcome depends on contributions, investment performance, charges and other factors.

WHY DOES IT MATTER

Starting to understand your pension early can give you more time to see what you have and what you may need.

THE ROCKET TEST

A pension is long-term retirement saving with specific tax and access rules.