pensions are an essential part of financial planning for the future. 😊 But do you know how many types of pensions there are? Let’s explore the main categories!

First, we have state pensions 🏛️. These are provided by the government and typically require contributions during your working years. The amount you receive usually depends on your income history and the number of years you’ve paid into the system.

Next, occupational pensions 💼 are offered by employers. They can be defined benefit plans, where the payout is based on salary and service, or defined contribution plans, where the payout depends on how much is saved and invested.

Personal pensions 👨‍👩‍👧‍👦 are another type, set up individually by individuals who want to supplement their retirement income. These are often managed through banks or financial institutions and allow for more personal investment choices.

Finally, there are private pensions 🏦, which are similar to personal pensions but may offer additional tax benefits or higher contribution limits. Each type has its own rules and benefits, so it’s wise to understand them before making decisions about your retirement savings. 🌟