Pensions are long-term savings vehicles that are designed to assist people with saving and providing for their retirement.
Once a pension fund or ‘pot’ has been built up, a pension will then provide someone with an income when they are no longer earning a regular income from employment.
There are three main types of pensions: pensions that are funded by your employer, pensions that you start and contribute to yourself, and pensions that are provided by the state / government.
There are special rules concerning the tax treatment that applies to pensions. They can be viewed as a tax deferred savings scheme that allows for the tax-free accumulation of a fund for later use as a retirement income.
Please check back here again soon as we will be publishing further information about the various types of pensions, how pensions work and the benefits of saving for your retirement by using a pension scheme.