What is a pension and why do I need one?

A pension is a tax-efficient way of saving for your future.

If you don’t have a pension or any other savings for your retirement, you’ll have to live on the State Pension. The maximum State Pension is currently £179 a week and that’s only if you’ve paid 35 years of National Insurance contributions during your working life. You can find out more about the State Pension by visiting www.gov.uk/new-state-pension/overview

£179 a week, or £9,339 a year, isn’t a lot of money and will probably only cover some of your basic expenses like bills, rent, and groceries. Having your own pension can increase the money you have when you’re older so you can still do the things you like.

While you work for William Hill, you can pay into a pension to help you save for when you retire. If you pay in, William Hill pays in too, to help you save. As a member of either the Employee Pension Plan (EPP) or the Pension Savings Plan (PSP) both you and William Hill will pay money into a Pension Pot. This money is then invested into your choice of funds.

Workplace pensions explained
Workplace pensions explained