What type of pension are you paying into? It might be a workplace pension or a personal pension like a SIPP. Maybe you have a few pension pots? While pensions are great ways to save for retirement, there can be big differences which many people aren’t aware of. Understanding these is incredibly important as it can affect everything, from your total pension amount to the level of support you receive.

In this episode of A Little Bit Richer, host Iona Bain is joined by Mike Crossley from L&G’s Workplace Savings team to help us to understand those key differences. Mike explains everything from how different pensions can affect how actively involved you will need to be with the investment choices, employer contributions, tax relief and the impact of pension charges.

This episode will help you to understand how choosing the right kind of pension can have a significant impact on your overall retirement savings.

You can watch episodes on L&G’s YouTube channel

And see behind the scenes content on TikTok and Instagram

You can play the podcast and find other useful content on L&G’s website:

https://www.legalandgeneral.com/podcasts/a-little-bit-richer

You can watch Mike’s previous feature on A Little Bit Richer The easy explainer on combining your pension savings

Iona and her guests share their own personal thoughts and opinions in this podcast. These might be different from L&G’s take on things. They give financial guidance for a UK audience that’s relevant at the time of recording. It’s general best practice, not the kind of personalised advice you’d get from a financial adviser.