Types of Pension

Most people when they retire will get money from a variety of sources.

The state will provide a basic State Pension (perhaps including some additional pension if you are a man born before 6 April 1951 or a woman born before 6 April 1953) and, if you do not have much extra pension or savings, other benefits as well.

If you were a member of an employer's pension scheme at any time during your working life, you will get some pension from that.

And you may have made your own personal pension contributions, and receive money from this through an annuity or income drawdown, or other options that are now available.

These questions give a basic overview of the different type of pension. There are more detailed questions and answers about each type elsewhere on workSMART.