UK pension industry

The UK pension industry involves financial arrangements that help individuals save for retirement. It includes workplace pensions, where employers and employees contribute, and personal pensions, which individuals set up independently. These funds are invested to grow over time, providing income after retirement. The industry is regulated to ensure transparency, security, and fairness. Major providers include banks, insurance companies, and investment firms. The government incentivizes retirement savings through tax benefits, aiming to support financial stability for retirees and reduce reliance on state support.