Different types of pensions

There are different types of pensions, all with different features and benefits. Understanding what pension you have and how it works is the first step to making sure your financial future is as secure as possible.

Personal pensions

Personal pensions come in all shapes and sizes. The key things they have in common are that they will involve a personal contract between you and your pension provider, and their aim will be to provide you with an income at retirement. Plus, the value of your pension will depend on: how much you have contributed; how long you have saved for; how well your investments have done, and the impact of scheme charges.

Final salary pension

A final salary pension, which some employers provide as an alternative to a personal pension, guarantees an income for your retirement. The amount you receive depends on how long you have worked for the company and your salary on leaving.

Types of final salary pensions can vary based on whether you work for the public or private sector.

They come with very lucrative benefits and guarantees.

The State Pension

The State Pension is a means tested benefit that many people use to top-up their retirement income. Although it’s been around for over 70 years, the government sometimes makes changes to it. The most recent change was in 2018 when the State Pension age for women increased. And the age for both men and women is set to change again in the coming years.

Will you qualify for the full amount?

More information

Types of personal pensions

With profits pension

Executive pension plan (EPP)

Self-invested personal pension (SIPP)

Group pension plan

Stakeholder pension (SHP)

Small self-administered scheme (SASS)

Managed pension

Types of final salary pensions

Local government schemes (LGPS)

Private company final salary pensions

Unfunded pensions

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The details provided in this article are for general information only and are in no way deemed to be financial advice. All of the material is correct as of the publication date, but could be out-of-date by the time you read the article.
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