An introduction to pensions

Most people need their own pension as state pensions aren’t particularly generous. We offer a choice of individual pensions for people who don’t pay into a company scheme, are self-employed or who aren’t working.

How does it work?

With an individual pension you’ll have your own pension pot, which belongs to you. It’s one of the most tax-efficient ways to save and the government tops up any payments you make – this is called tax relief.

It’s very versatile and even if you move jobs or start or stop working, you can keep contributing. You can also change the amount you pay in and pay lump sums if you want to.

Other people can also pay into an individual pension on your behalf. This means that partners or other family members can help you save for your retirement, or you can pay into one for someone else, for example your children or grandchildren.

And if you die before you retire, the value of your plan will be paid as a cash lump sum to your beneficiaries.

This information is based on our understanding of current legislation, taxation law and practice, which may change. The value of any tax relief depends on the individual circumstances of the investor.

At retirement

When you retire, this fund can be used to give you a regular income. You can also take tax-free cash if you want to, which is normally up to 25% of the fund.

Individual pensions aren’t suitable for everyone. For example, if you have access to a company scheme you may be better paying into that.

Gather your pension pots

What should you do with the pension pots you’ve collected during your working life?

Why choose AEGON?

We’re an integral part of the AEGON Group, offering a wide range of long-term financial solutions in the UK.