What is a pension?

Pension schemes give you a way of saving for your retirement

Most people know about the basic State Pension, but this may not cover the lifestyle you want in retirement.

It's a good idea to start putting money away for the future while you work if you want more than the State Pension alone.

What does a workplace pension scheme give you?

A workplace pension scheme like NEST gives you the chance to save into a retirement pot. You can contribute throughout your working life.

The amount you get out depends to a large part on how much you put into your retirement pot throughout your working life. So it's important to keep contributing regularly.

You're likely to be entitled to contributions from your employer and you could get tax relief from the government. This means you could get extra money in your retirement pot on top of the money you pay in yourself.

What happens when I take my money out?

Depending on the size of your retirement pot, and any other pension pots you have, you can use it to get a retirement income or take some or all of it as cash.