Understanding pensions: a guide to your future retirement savings

Abstract

When it comes to planning for retirement, pensions are a key part of the conversation. But many people still have questions about pensions and how they work. Common questions include ‘what exactly is a pension?’, ‘how much should I be saving?’, ‘what happens to my pension when I die?’, ‘do I need a private pension if I have a workplace one?’ and ‘can my property be considered as my pension?’. If any of these resonate with you, don't worry – you're not alone! Pensions can feel confusing, but they don't have to be. This article breaks it down simply and explains the different types of pensions available, their benefits and how to make them work for you.