This means a pension that you arrange yourself. The amount you get at retirement is based on how much you have paid in over many years, which is also known as a defined contribution pension (explained above).

Confusingly, a few employers offer personal pensions as workplace pensions. This usually means people may get more choice in where their money is invested. Penfold is a type of personal pension called a SIPP, and we are working on a version that employers can pay into.

If you work in the NHS or for a Local Authority you’re likely to have a public sector pension which is not a personal pension.

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