Pensions allow you to build up a lump sum, in a predominantly tax free fund, that give you an income and, possibly, a tax free lump sum when you retire. Most pension schemes...Pensions allow you to build up a lump sum, in a predominantly tax free fund, that give you an income and, possibly, a tax free lump sum when you retire. Most pension schemes tend to work the same way. While you are working, you pay an amount from your wages into your pension fund. In the case of the Basic State Pension, you pay National Insurance contributions to the government directly from your salary.
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