What is a pension?
A pension is the money you use to live on when you retire. People have different ways of supporting themselves financially in their retirement (using inheritance money, for example) but a common way is to save money over a long period of time. You could do this simply by putting some money into a savings account each month but with the tax relief you get, a pension plan could be a good option. Your pension pot cannot be accessed before you reach the age of 55, so there’s no temptation to dip into it beforehand!
Why save into a pension?
Timeline to retirement
It’s never too late to save for retirement. However, you should understand that both the amount you save and the way you invest changes as you get older; assuming you want the same standard of living after you retire.
Ready to start saving?
If you’d like to start saving for your retirement, have a look at our retirement account page to see how we can help.
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