An expert has revealed that Brits need to be aware of the three different types of pensions. Thinking about retirement can be stressful but planning in advance can make it easier.
Martin Lewis, Money Saving Expert, warns: “don’t confuse them”. He says: “Simply put, a pension is a way to save money for when you retire – providing you with an income for the years when you’re not working.” Martin says people might contribute to a pension through a workplace (where both a person and their employer contribute), or a personal pension that a person has set-up themselves through a pension provider. Each of the three types of pension works differently.