What is a pension?

It’s a type of long term savings plan that allows you to save money for later life.

It has a beneficial tax treatment compared to various other savings schemes.

There are a number of pension schemes; ones you set up yourself and ones offered and run by the company you work for. For more information on the types of pension schemes about, take a look at this.

Further reading on the Pensions Advisory Service website.

If you’d like to know more about whether you should opt-in for a workplace pension, click here.

Do I have to pay into one?

The short answer is no.

It is a legal requirement now for companies to at least offer you a pension, this doesn’t mean you need to accept but they do need to offer you one.

You are not legally obligated to pay into a pension of any kind. For more information as to why you may, however, like to consider it, click here.