Pension: Buying A

: A government-backed voluntary contribution scheme designed to provide retirement income to citizens.

"Buying a pension" typically refers to two distinct financial actions: (the accumulation phase) or purchasing an annuity (the payout phase). 1. Starting a Pension Plan (Accumulation)

If you already have a pension pot, you can "buy a pension" by converting that lump sum into a guaranteed regular income for life. When should you kick-start a pension plan?

This involves paying regular premiums or a lump sum to build a retirement "pot" over time.