Pensions are income streams designed to help you have a comfortable retirement.
Generally speaking, there are three main types of pension:
- State pensions – paid by the government in return for contributions made throughout your working life.
- Company pensions – paid for by your employer as part of your remuneration package.
- Private pensions – paid for by you, the individual, usually funded by SG contributions.
Pensions are a very complex area and we recommend you talk to a Wealthwise financial adviser if you have any questions in this area.