What is a Pension?

The transcript discusses the concept of retirement, explaining that it means not working anymore and the importance of having a pension. It covers different types of pensions, including workplace, state, and personal pensions, and emphasizes the need for early saving and financial planning to ensure a comfortable retirement.

What does retirement mean according to the narrator's mother?

• A time to travel the world

• A period when you stop working

• A chance to learn new skills

• An opportunity to start a new job

Why is it important to start saving for a pension early?

• To retire before the age of 50

• To have more money available during retirement

• To avoid paying taxes

• To receive government bonuses

Who contributes to a workplace pension?

• Both the employee and the employer

• The government

• Only the employee

• Only the employer

What is a state pension?

• A pension that requires no contributions

• A pension funded by employers

• A pension provided by the government at retirement age

• A pension set up by the individual

What is a personal pension?

• A pension that you set up and manage yourself

• A pension that does not require savings

• A pension set up by the employer

• A pension managed by the government

What is the benefit of starting to save early for retirement?

• You can retire at any age

• You will receive a higher state pension

• You will have more savings accumulated

• You can avoid paying taxes

What is the role of the government in pension savings?

• They provide a state pension

• They offer loans for retirement

• They manage all personal pensions

• They contribute to workplace pensions