Pensions

Pensions are retirement investment accounts. You cannot access the money until you are 55 years old.

When you are eligible to draw money you may need to buy an annuity. This is where the annuity provider will give you an income for the remainder of your life. This is based on the size of your pension, and your age and maybe sex. This is because the government doesn't trust people to make sensible decisions with their retirement funds.

There will be taxes involved when receiving your pension. I need to find out how much.

If your pension grows to above 1.25 million, then more tax will have to be paid.

Each year, there is a limit to how much you can contribute to your pension.

Defined-contribution (DC) schemes are pensions where the amount you get back is based on the performance of investment.

SIPP - Self Invested Personal Pension

This type of pension allows you to pick your own funds or stocks to invest in.

Provider comparisons

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