What is a private pension in the UK?
Find clear, straightforward answers to common questions about pensions, retirement planning, investments, fees and charges, and the services we provide.
A private pension (or personal pension) is a retirement savings plan you arrange yourself. You make contributions, receive tax relief, and your provider invests the money to help it grow. It sits alongside, or instead of, a workplace pension.
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?
