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.

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.