Types of pension

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Options for using your pension pot

Following changes introduced in April 2015 you now have more choice and flexibility than ever before over how and when you can take money from your pension pot. Take your time to understand your optio...

Taking your whole pension pot as cash

Under rules introduced in April 2015, once you reach the age of 55, you can now take the whole of your pension pot as cash in one go if you wish. However if you do this, you could end up with a large ...

What is a group personal pension?

Group personal pensions (GPPs) are a type of defined contribution pension which some employers offer to their workers. As with other types of defined-contribution scheme, members in a GPP build up a p...

Pensions for the self-employed

If you’re self-employed, saving into a pension can be a more difficult habit to develop than it is for people in employment. There is no-one to choose a pension scheme for you, no employer contribut...

Defined contribution pension schemes

With a defined contribution pension you build up a pot of money that you can then use to provide an income in retirement. Unlike defined benefit schemes, which promise a specific income, the income yo...

Your first pension – the options

Once you’ve decided to start saving into a pension, you’ll need to choose where to save. There are many different providers to choose from, but your first task will usually be to select the type o...

Personal pensions

A personal pension is a type of defined contribution pension. You choose the provider and make arrangements for your contributions to be paid. If you haven’t got a workplace pension, getting a perso...

Stakeholder pensions

Stakeholder pensions are a form of defined contribution personal pension. They have low and flexible minimum contributions, capped charges and a default investment strategy if you don’t want too muc...

NEST pensions

NEST is a low-cost pension you may be able to join through your workplace or if you are self-employed. Once a member, you can carry on saving this way even if you change jobs or stop working. ...

Multi-employer pension schemes

All employers must now automatically enrol eligible workers into a workplace pension scheme, and contribute to it. In many cases, employers will use a multi-employer pension scheme, sometimes called a...

Free printed guides

Our free printed guides are designed to help not for profit and public sector organisations, as well as commercial organisations, helping people to make informed money choices. If you’re an i...

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