Defined contribution pension

With defined contribution pension schemes such as SIPPs you build up a pension pot with a combination of personal contributions, employer contributions, tax relief from the Government and investment returns. Then when you reach retirement they give you several different options over how to take your money. This differs to defined benefit pensions which are based on your annual salary and promise you a set amount of income in retirement.

Also known as: money purchase pension.

Find out more about pensions.

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