Savings and pensions

What is a pension? Who needs one and why? And why should you start paying into a pension plan as early as possible?

The video is a recording of a webinar discussing long-term savings and retirement with a focus on pensions. The speaker, Adrian Firth, explains the importance of saving into a pension arrangement and how tax relief works for pensions. He also covers the state pension, including the changes made in April 2016 and the proposed increases in the state pension age. 

Adrian also provides an overview of how pensions work, including the concept of a default fund and the option to self-select investment funds. The webinar is part of a series put together by Rugby League Cares and the information provided is accurate as of the 2021-22 tax year.

A pension is simply a long term savings plan with tax relief built in. If you save into a pension scheme your regular contributions are invested so they grow throughout your various careers. 

Further reading

• State Pension - Government Website
• Work Place Pension
• Money & Pensions Advice