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What are the different types of pensions?

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Cameron James
What are the different types of pensions?

There are lots of different kinds but fall into three groups and are mentioned below when it comes to pension schemes.

  • Company pensions
  • State pensions
  • Personal pensions

Here the company pensions are provided by the employers, the state offers the state pension, and the personal pensions are provided only by you.

A personal pension is the kind of assistance for somebody who doesn’t have the option of a company pension and is a very straightforward pension. The SIPP is a kind of personal allowance and is considered as a do-it-yourself version of private pensions.

The inheritance tax non-UK citizens are not subjected to the overseas pension that means the inheritance tax is paid only to the UK assets that are on the property or bank accounts that you have in the UK.

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Cameron James
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