What is a Pension Scheme or Pension Plan?

26 June, 2019

In the UK, a pension scheme (also known as a pension plan) is a type of savings or investment plan with favourable tax treatment compared to other forms of savings which have been created to provide a person with an income in retirement. There are many different types of UK pension schemes in existence that range from defined benefit pensions to self-invested personal pensions (SIPPs).