Types of Pension

Most people when they retire will get money from a variety of sources.

The state will provide a basic State Pension (perhaps including some additional pension if you are a man born before 6 April 1951 or a woman born before 6 April 1953) and, if you do not have much extra pension or savings, other benefits as well.

If you were a member of an employer's pension scheme at any time during your working life, you will get some pension from that.

And you may have made your own personal pension contributions, and receive money from this through an annuity or income drawdown, or other options that are now available.

These questions give a basic overview of the different type of pension. There are more detailed questions and answers about each type elsewhere on workSMART.

Note: This content is provided as general background information and should not be taken as legal advice or financial advice for your particular situation. Make sure to get individual advice on your case from your union, a source on our free help page or an independent financial advisor before taking any action.

What is WorkSmart?

A career coach that works for everyone.


Enjoy bite-sized activities delivered to you every week.

Lightbulb brain

Equip yourself with essential skills to be the best you yet.


Get the guidance you need to stay focused and reach your goals.

Worksmart circle