If you’re saving for retirement a pension is a good place to start. Pensions may seem complicated, but the idea is simple - it’s essentially a long-term savings plan with tax relief so your savings can grow quicker than might otherwise be the case.
While providing a foundation, the state pension may not be enough for you to live on. You may want to reduce your working hours or stop working altogether before the state pension age, so it’s important to make sure you’re saving enough now to provide for your future.
Approaching retirement
Understanding your pension choices will help you get the most from your retirement and make the money you’ve got last for the rest of your lifetime