Investment wrappers
Key pension facts

A pension, or pension scheme, is simply a way to save money for later stages in life. You typically contribute, or add, certain amounts of money throughout your working life to build up a pension pot and then draw on that pot in retirement.

There is the State Pension which is provided by the government but there are also private pensions, which can be workplace pensions and personal pensions. All personal pensions are defined contribution schemes but so are most new workplace pension schemes.

See also our what is a pension blog post and our key pension facts article category.

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