pension
n. Income paid under the state retirement pension scheme, or from a company pension, or from a stakeholder pension. Contributions to an approved pension scheme attract tax relief (subject to specified limits). Pension receipts are taxable in the hands of the recipient, although a proportion of the fund accumulated in a personal pension scheme can be taken as a tax-free lump sum on retirement.

Pensions are subject to tax (but not National Insurance contributions) in the same way as earnings, except that no expense can be deducted from pension income. PAYE is applied to payments from an occupational or private pension, but state retirement pension is paid gross, tax being collected through self-assessment.

https://www.gov.uk/browse/working/state-pension

• Information about state pension provision from the GOV.UK website

https://www.gov.uk/browse/working/workplace-personal-pensions

• Guide to workplace and personal pensions from the GOV.UK website

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