UK pensions industry

The UK pensions industry involves managing retirement savings through various schemes, primarily offering financial security for individuals after they stop working. Pensions can be workplace-based, like defined benefit or defined contribution plans, or personal, such as private pension pots. Employers, employees, and sometimes the government contribute funds that are invested to grow over time. Upon retirement, these savings are accessed as income. The industry is regulated to protect savers, with providers including insurance companies, banks, and specialized pension funds. Its goal is to ensure individuals have sufficient resources for a comfortable retirement.