You probably don’t want to work forever so it’s very likely that you’ll need an income for you to enjoy your retirement. One way of securing a retirement income is through a pension arrangement. Pensions are simply long-term and tax efficient savings plans designed to keep the cash coming in when you stop work.
Most people in the UK will get the State Pension when they retire – a regular income from the government. You qualify for this through the National Insurance contributions you pay from your wages whilst you’re working. But the State Pension payment could be far less than you’re expecting and this is why it’s important to make your own pension provision.