There are a few different pension schemes available, which is why knowing which direction to go in with your pension can initially feel quite confusing. Thankfully, KGJ is here to guide you through your options in our trademark honest and transparent way. Here are just some of the pensions available in the UK: State Pensions: Provided by the government, a state pension is based on your national insurance contributions. It is paid to individuals who have reached state pension age, which you can check on the government website. Workplace Pensions: The workplace pension system is a government-mandated programme that requires businesses to enroll eligible employees into, and contribute towards, a pension scheme. Workplace pensions can either be classified as a defined benefit pension (DB) or a defined contribution pension (DC). In DB pensions, the benefit is defined by an employee's income and length of service, whereas in DC pensions, the benefit is determined by the contributions paid in and the pension fund's investment performance. A defined benefit pension may also be referred to as a final salary pension. Private Pensions: These are pensions that can be set up by the individual. Private pension benefits are based on your contributions and the performance of the pension fund. Professional pension advice – such as from the experts here at KGJ – is essential when setting up a private pension. Self-Invested Personal Pension (SIPP): This is a type of personal pension that offers more flexibility and control over your investments. With a SIPP, you can choose a wider range of investments, including stocks, bonds and commercial property. Professional pension advice – such as from the experts here at KGJ – is essential when setting up a SIPP. Stakeholder Pension: This type of personal pension is designed to be simple and low-cost, with specific features mandated by the government, such as low charges, flexibility in contributions, and a default investment option. Aside from finding the best pension for you, KGJ will be on hand to explain the regulations and occasional changes that make up the UK pension system, as well as the options and implications of the different pension types.