The fundamental idea of a personal pension plan is simple. You put money into a savings fund and it hopefully grows in value. At retirement, you have several options which are usually designed to replace some (or all) of your employment income.
With pensions being most people’s second-largest asset, they can become a major consideration in any divorce settlement.
Personal pensions may be suitable if you are self-employed, if you are not working but can afford to put aside money for retirement, or even in addition to a company pension.
UK News
The latest ONS figures show the economy is rebounding after the UK slipped into recession at the end of last year.
Growth was stronger than expected, but millions of households are yet to feel the benefit.
The economy grew by a stronger than expected 0.6% in the first three months of the year.
Its comments came as UK interest rates were left unchanged at a 16-year high of 5.25%.
Andrew Bailey told the BBC the recession was "mild" as figures on the economy are released Friday.