You simply pay into the plan and basic rate tax relief is added from the government. If you pay 40% or 45% income tax, you can reclaim additional tax relief directly from HMRC.
This money is invested to provide you with a private pension 'pot' (fund value). Then you use this pot of money to take benefits anytime after age 55 (57 from 2028) - whether you are still working or not!
You can make contributions to your pension plan whenever you like – it’s up to you. And these payments are invested into one or more funds, which can be changed at any time.
Speak to an NFU Mutual Financial Adviser about setting up your pension, and they’ll be able to help find the right option.