A pension is one way to save for your retirement that the Government is so eager for you to pay into, that they'll normally add to whatever you pay in.

So, if you've ever resented having a large lump of your earnings taken off you in taxes, a pension plan is an excellent way to let the Government give you a helping hand.

If you’re a basic-rate taxpayer and pay £800 into your pension plan, the Government will top up your contribution to £1,000 – this is because the Government adds basic rate tax relief. This favourable tax treatment isn't guaranteed to continue in the future.

When you decide to retire and take your benefits, you'll have a number of options. The choices you make when you take your benefits are important and you should ask your financial adviser for advice. Just as you should when you're deciding how much you will need when you take benefits and how much you can afford to save right now.

The value of the investment can go up and down as a result of market movements. The final fund value may be less than you have invested.

For more information about our pension products and whether they are right for you, please speak to your financial adviser.

For an explanation of pension terms, please see Pensions terms explained.