personal pensions

A personal pension is a long-term savings plan that you set up voluntarily to prepare financially for retirement. You contribute money regularly or as a lump sum, which the pension provider invests on your behalf. Over time, these investments grow tax-free, helping you build a fund to withdraw income once you stop working. Personal pensions offer flexibility in how much and when you contribute, and they can supplement other retirement benefits like workplace pensions, helping you secure financial stability in your later years.