A retirement plan is an investment plan that allows you to accumulate a portion of your savings over a period of time and provide a stable income after retirement.
There are a number of Pension schemes available these days. You can also look for the best pensions in Wiltshire via pensionoptionsdirect.co.uk/wiltshire-pension-scheme/.
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You have the choice of choosing which pension scheme you want to enroll yourself into.
1. Basic State Retirement Pension
As the name suggests, it is the most basic of all retirement pension schemes. This is given to all employees who have given a considerable contribution to the National Insurance or have the required credits at the time of their retirement age.
The retirement age is sometimes different for men and women. This kind of pension is paid completely only if you have paid or credited contributions for a majority of your working period.
2. Additional Pension
As the name suggests, it is an addition to the primary and basic pension plan. According to the earnings you have, you will be eligible for an increase in the pension from what you get from the basic state retirement pension plan.
But in order to avail of this, the employees should contribute extra to this pension plan. That is if they are not contributing already to an occupational pension plan or a personal one.