How do personal pensions work?
Find clear, straightforward answers to common questions about pensions, retirement planning, investments, fees and charges, and the services we provide.
You pay money into your pension, receive tax relief, and your provider invests the contributions. Your pot grows over time and can be accessed from age 55 (57 from 2028). You can choose drawdown, annuity or lump-sum withdrawals.
Also In this section:
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Can I have a private pension and a workplace pension at the same time?
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How much can I contribute to a private pension each year?
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How do personal pensions work?
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What is a private pension in the UK?
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Can I increase my pension if I’m behind on my target?
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What is considered a good pension pot in the UK?
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How does a workplace pension calculator work?
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What happens to my pension when I change jobs?
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When can I take money from my workplace pension?
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How much do my employer and I contribute to a workplace pension?
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How do I claim my workplace pension?
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What is the earliest age I can withdraw my pension in the UK?
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Can you take money out of your pension before 55?
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Are there penalties for taking a pension early?
