About Pensions

Pensions basics

Although there are different types of pension schemes available, they all have the same aim – to help you save money and provide you with an income when you’re older.

In this section, we introduce what pension schemes are and how they work. You’ll see the different types of schemes available, how they differ from each other and what it all means for you.

What is a pension scheme?

How pensions work

Different UK Pension schemes

Workplace pension schemes

Defined benefit: final salary schemes
Career average revalued earnings (CARE) schemes
Cash balance plans
Defined contribution: money purchase schemes
AVC and FSAVC
Small self-administered pension schemes

Contract-based schemes

Personal pensions
Self invested personal pensions (SIPP)
Stakeholder pension schemes
Retirement annuity contracts
Buyout policies

Automatic Enrolment

Why is it happening?
Joining
Opting out
How much do I and my employer have to pay?
Re-joining
In a workplace pension scheme already?
Types of workplace pension your employer can offer
I have more than one job- how does this affect me?
FAQs about Automatic enrolment

Top tips for your pension

Choosing a pension yourself
Choosing a regulated financial adviser
Pension scheme charges

To find the information you’re looking for, please click on any of the links above. If you can’t find what you’re looking for, or just want to have a chat to someone about it, please just call us, use our web chat service, or complete our online enquiry form.

A good place to start

Our Pension Basics pages offer a good introduction to what pensions are and how they work.

And if there's anything you don't understand, please just ask us.