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.