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A pension scheme is simply a type of savings plan to help you save money for later life. And there are tax advantages compared with other types of savings. You save some of your income regularly during your working life. This gives you an income in later life, when you want to work less or retire. There are several types of pension schemes. Some might be run by your employer, others you can set up by yourself.
These might include being able to take a tax-free lump sum, and the added security of being able to receive a regular income. This is calculated based on your final pensionable salary or your average salary over your employment and years of pensionable service.
If you have a defined contribution pension scheme, you build up your own pot of money. The value of this pot can go up or down. But over the long term, pension savings usually grow and you can benefit from various tax advantages. When you retire, the amount of income you get will depend on the size of your pot and how you choose to take money from your pension at that time. Call us free on or use our webchat.
One of our pension specialists will be happy to answer your questions. Opening times: Monday to Friday, 9am to 5pm helpline , 9am to 6pm webchat. Closed on bank holidays. The lump sum is usually the value of your fund. They may also be able to use the money to take income regularly or as and when they want. MoneyHelper is the new, easy way to get clear, free, impartial help for all your money and pension choices.
Whatever your circumstances or plans, move forward with MoneyHelper. Download app: WhatsApp. For help sorting out your debts or credit questions. For everything else please contact us via Webchat or telephone. Got a pension question? Our help is impartial and free to use.
Get in touch online or over the phone on Benefits if you have children Entitlements to help with the cost of pregnancy or bringing up children. Benefits if you're sick, disabled or a carer Understand what support is available for coping with ill health. Benefits in later life You may be entitled for help with other costs on top of your State Pension.
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How a pension works will depend on what kind of pension you have. However, in really simple terms, there are three key things to know about how a pension works:. While there may be other ways to save or invest, a pension provides great benefits when it comes to putting money aside for your retirement income. However, there are income tax implications when you start to withdraw from your pension. There are three types of pension in the UK: the workplace pension, the personal pension and the state pension.
The type of pension you have will depend on your personal circumstances. Workplace pensions, which are also known as company pensions and occupational pensions, are offered by employers. Nowadays, employers in the UK are required to have a pension scheme set up and they must automatically enrol their eligible employees. The government also contributes to your pension, through tax relief.
There are two main types of workplace pension schemes:. With a defined contribution pension scheme you pay in a percentage of your salary and your employer also contributes to it. The contributions are then invested by the pension provider.
As with all investing, the value of your pension could go down as well as up and you may get back less than you put in.
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What is a defined benefit pension? Personal and private pensions What is a private pension? What is a personal pension? What is a responsible investment fund? Workplace pensions What is a workplace pension? What is a stakeholder pension? What is a public sector pension?
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What is sustainable investing? What is a pension finder? How to trace a lost pension The Pension Tracing Service How to find a pension number What happens to my pension when I leave a company? Transferring pensions Overseas pension transfers How can I transfer pensions? Should I transfer my pension? Why is my transfer taking so long? Pension transfer charges What is a frozen pension and what are my frozen pension options?
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