Pensions
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Pensions can be a complicated area, but they’re one of the best ways to fund your retirement.
Whether you’re a member of a workplace pension, private pension or a specialist scheme such as the Teachers’ Pension, the sooner you start saving for your later years, the better.
On this page, we’ll guide you through the different types of pensions available and explain some of the key rules and regulations, such as the minimum and maximum pension contributions and tax on pension lump sums. We also cover everything you need to know about the state pension and pension credit.
Pension basics: Understand the basics of retirement planning, including when you’ll reach retirement age
How pensions work: Get to grips with how pensions work and the different schemes available
Pension rules: Learn about the rules and restrictions governing pensions, including contribution limits
Planning for your retirement
Planning for your retirement can help to minimise the financial strain in later years and increase the chances of you being able to enjoy a comfortable standard of living.
It’s never too early to save into a pension or a savings account – in fact, the sooner you start, the longer your investment will have to grow.
The following guides will help you understand the basics of retirement planning, what constitutes early retirement and whether it’s better to start a pension or open a savings account.
Pension schemes explained
There are several types of pension schemes available. The most appropriate scheme for you will depend on your individual circumstances.
If you’re employed, you’re likely to belong to a workplace pension scheme (unless you’ve chosen to opt out). Some people also choose to open a private or personal pension scheme. Learn more about the different types of pension schemes, as well as the UK state pension.
Understanding pension rules and regulations
Pensions are notoriously confusing and many savers openly admit to being unsure about the rules and what they should do at retirement.
These helpful guides explore some of the key areas you need to know, including the maximum and minimum contributions, tax and pension lump sums and how pension annuities work.
The state pension and pension credit
The UK state pension provides regular payments from the government once you reach the state pension age. However, for many people, the state pension alone won’t provide enough money for them to enjoy the standard of living they’d like.
Find out more about how state pension works and the requirements you’ll need to meet. We also explain what pension credit is and who can claim it.