Pension
An account designed to help people save for their retirement. With a pension, individuals and employers enjoy generous tax relief on money they pay in. And any investments it holds can grow free of tax.
You can normally access your pension from age 55, rising to 57 in 2028. When you access your pension, you can take up to 25% tax-free – with the rest available to provide you with a taxable income.
There are different types of pension – including pensions set up by your employer, and pensions you set up yourself. You'll see these referred to as 'private' or 'personal' pensions.
More on PensionsPopular terms
This is a limit on the total tax-free lump sums that can be paid from your pensions both in your...
When you access your pension, you can usually take up to 25% of the value tax-free. The lump sum allowance...
A simple, low-cost pension where you choose from four AJ Bell fund options.
Money paid in is automatically invested...