- Joining the pension
Get the most from your pension
- Use the tools
- Boost your pension
- Approaching retirement
- Contribution options
- Your investment options
- Things to know about investing
- What are the charges?
- Check or change your investments
- Common questions
How pensions work
Watch this animation to see how pensions work if you get basic rate tax relief on your payments. You can also see what your options are when you retire.
Please note, this is an example only to help you understand how pensions normally work. The information provided may not apply to your own circumstances.
Investments can go down as well as up and may be worth less than what was paid in. Laws and tax rules may change in the future. The information here is based on our understanding in April 2022. Your own circumstances and where you live in the UK also have an impact on tax treatment.