To put it simply a pension is a type of savings scheme to prepare you for later life when you can no longer work.The tax treatments compared to to other forms of savings is also favourable which is why its such a popular retirements saving option. Tax treatment varies according to individual circumstances and is subject to change.
The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested.
The basic principle is you use a small amount of your monthly income to pay into a pension fund throughout your working career to give you an income when you decide to cut down on work hours or retire.
There are many types of pension scheme some are managed by your employer and some can be set up by yourself or a Financial Adviser. Don’t worry there’s no limit on the number of pension schemes you can have, and you can always consolidate them into a single fund later in your life.
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