A workplace pension is a way of saving for your retirement that’s arranged by your employer. Some workplace pensions are called ‘occupational’, ‘works’, ‘company’ or ‘work-based’ pensions. Most employees have now been enrolled into a workplace pension – like The People’s Pension – that has to meet the government’s automatic enrolment regulations.
It’s basically a pot of money you and 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!).