What is a pension?
Written by Team Dodl
Updated over a week ago

A pension is a type of investment account which allows you to save and invest for your retirement. 🏝

Pensions come in all different shapes and sizes, but they all have special tax benefits in common. When you pay into a pension (known as 'contributing') the government rewards you for your prudence with something known as tax relief – basically a top up on your payments. And on top of tax relief, investments held in a pension are protected from tax. They can grow and earn income, and you don’t have to pay a penny of this to HMRC.

☝ But you can only withdraw your pension savings after you reach the minimum age of 55 (rising to 57 from 2028).

The Dodl pension is a self-invested personal pension (or 'SIPP') which allows you to take control of what you retirement savings are invested in. πŸ’ͺ

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