Pension

Pension - A way to accumulate savings for retirement. Premiums into a pension fund receive tax relief, capital gains and income roll up tax free within the fund, and a proportion of the eventual payout can be taken tax free. The remainder must be used to buy an annuity to provide income for the rest of the investor's life.

Many employers run pension schemes for their employees, but those who are not eligible or who are self-employed can buy personal pensions from insurance companies.