As people develop through their lifetime they have an expectation that a time will come when they will be able to retire. For some people the State pension is sufficient to provide a basic level of income. Others may have an opportunity to accumulate wealth without using pension schemes – perhaps through their business ventures or other assets. But most people will want to supplement what they have with some form of pension scheme.
A massive advantage is the tax relief people receive,the government will actually help you build your pension pot.
Pension arrangements have a number of advantages:
- when people come to retire they will experience a reduction in income – a pension makes up for some of this loss of income in retirement;
- pension schemes can provide protection in the form of lump sums and pensions to dependants in the event of a member’s death;
- in order to encourage pension schemes, the State provides tax relief on contributions made to pension schemes and the growth in their investments.
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