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Pension FAQs: Occupational and personal pensions

This paper covers frequently asked questions about occupational and personal pensions,

Information about state pensions is available in the Commons Library briefing State Pensions: FAQs.

Where can I find advice and guidance?

People can receive advice or guidance about their pensions:

• Advice is a personalised recommendation and can only be provided by Financial Conduct Authority regulated firms on the Financial Services Register. MoneyHelper has published a guide on choosing a financial adviser.
• Guidance is a broader term including general information and signposting about pensions which does not include a recommendation. Any organisation can offer guidance. Free pension guidance is also provided by MoneyHelper.

How can I complain about pensions?

Many bodies can receive complaints about pensions including the courts. The section below covers some key organisations.

The Pensions Ombudsman can look at complaints about how personal and occupational pension schemes are run. Further information is available on the Can I complain? section of the Pensions Ombudsman’s website.

The Financial Ombudsman Service can look at complaints about businesses regulated by the Financial Conduct Authority, including some pension schemes and their services. Further information for consumers is available on the “Complaints we can help with” section of the Financial Ombudsman Service’s website.

MoneyHelper produces a guide dealing with pension problems and making a complaint which provides information on the organisations people can complain to.

How is my pension taxed?

The UK taxes pension savings using an “exempt, exempt, taxed” (EET) model:

• When people and their employers pay into a pension the contributions are exempt from taxation. Both savers and employers receive tax relief.
• Pension savings growth through investments is exempt from taxation.
• People pay tax on payments from pensions like other income. People can access up to 25% of their pension savings tax-free.

There are limits on the amount of tax relief someone can receive.

 Other topics covered

• What are the different types of occupational and personal pensions?
• How are pensions regulated?
• Where can I find advice and guidance?
• How can I complain about pensions?
• Who provides compensation when things go wrong?
• How is my pension taxed?
• How old do I need to be to receive a pension?
• What happens to pensions on divorce or separation?
• Who can inherit my pension?