What is a pension and how does it work?
A pension is basically a long-term retirement plan that you build up over your working life so that in later life you have more money to live off.
Advantages of a pension:
- You pay in money regularly.
- You get a top up from the government in some countries.
- Your employer can pay in money as well.
- You can pay into someone else’s (like a spouse or child’s).
Types of Pensions:
- State Pension
- Stakeholder Pension
- Workplace Pension
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