A pension is a tax efficient way of saving for your retirement. It’s a pot of money you and often your employer pay into, and you get some of your tax back too.
Your pot is invested by your pension provider to grow over time. It’s normally available anytime from your 55th birthday (the government is proposing to increase this to age 57 from 2028), and can be enjoyed either as an income or cash (or both!). See ‘Your retirement – The People’s Pension’ for more information.