Pensions are a hugely important part of retirement plans and come in many shapes and sizes. Whilst understanding pensions will never be easy, understanding that saving into one will typically make your retirement more comfortable and enjoyable is half the battle, and will stand you in good stead.
Pensions are essentially a savings account for your future, so when you retire and stop earning money your pension will effectively pay you money to live off of.
Many people will ask: why not just rely on the state pension? The simple answer is that the state pension won’t provide any more than the most basic form of living.
Saving for your future is important and there’s never a better time to start than now. The more money you save, as early as possible, the longer it will have to build up.
We’ve broken down the different types of pension you will come across, and explained how annuities work.
What is a Pension?
Group Personal Pensions
Self Invested Personal Pensions
Pension Tax Information
What is an Annuity?
Guaranteed Period annuity
Impaired Life Annuity
Over 50’s Plans