A pension is a long-term savings plan you use to save for an income when you retire.
You pay money in to your pension. If it’s a workplace pension, your workplace usually pays money in, too. The money is invested to help it grow and build up over time.
When it’s time to retire, you get an income from the pension. There are different ways to get the income, depending on what type of pension it is.
These are the three main types of pension you’re likely to come across:
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