By 2018 many employees will get a workplace pension – like The People’s Pension – that has to meet the government’s automatic enrolment regulations.
For most people this is basically a pot of money your employer helps you fill up. You pay in a small percentage of your wages and they add some more. You get tax relief on the money you save into your pension pot too – so you end up with quite a bit more than you pay in.
Then, with pensions like The People’s Pension, your pot of money gets invested to grow over time. Normally available anytime from your 55th birthday (or your 57th from 2028 onwards). Ready to enjoy as an income or cash (or both!).