What is a pension? A pension is a retirement savings plan that provides you with a regular income when you retire.

1. What are the different types of pensions? The main types of pensions include workplace pensions, private pensions, and State Pensions.

2. How do I contribute to a pension? You contribute to a pension by making regular payments, usually from your salary or wage, into your pension plan. Your employer may also make contributions on your behalf.

3. How is my pension invested? Your pension funds are invested in a variety of assets, such as stocks, bonds, and property. The investment strategy is usually determined by the pension scheme's trustees.

4. What is the difference between defined benefit and defined contribution pensions? Defined benefit pensions provide a guaranteed income in retirement, based on your salary and length of service. Defined contribution pensions provide a retirement income based on the value of your pension pot, which is determined by the contributions you and your employer make, and the performance of the investments.

5. What is the annual allowance and lifetime allowance for pensions? The annual allowance sets a limit on the amount of tax relief you can receive each year on your pension contributions. The lifetime allowance sets a limit on the total value of your pension pots, beyond which you will pay additional tax.

6. Can I access my pension before I retire? In some cases, you may be able to access your pension before you retire, although this will depend on the rules of your specific pension scheme.

7. What happens to my pension when I die? In most cases, any remaining pension funds will be paid to your beneficiaries, usually your spouse or dependants.

8. Do I need a financial advisor to help me with my pension? While you can manage your pension yourself, a financial advisor can help you make informed decisions about your retirement savings and provide guidance on how to achieve your retirement goals.