Which of the following is not one of the three main types of pensions offered in the U.K.?

Get more with Examzify Plus

Remove ads, unlock favorites, save progress, and access premium tools across devices.

FavoritesSave progressAd-free
From $9.99Learn more

Prepare for the T-Level Finance Exam. Utilize flashcards and multiple-choice questions with hints and explanations. Get ready to excel on your test!

The three main types of pensions offered in the U.K. are State Pension, Workplace Pension, and Private Pension. The State Pension is provided by the government and is based on an individual's National Insurance contributions. A Workplace Pension is set up by employers to help employees save for retirement, often with contributions from both the employer and the employee. A Private Pension, on the other hand, is arranged by individuals themselves and can be tailored to fit personal retirement goals.

Investment Pension is not recognized as one of the main categories of pensions in the U.K. While private pensions often involve investment choices to grow the savings, the term "Investment Pension" is not officially used to describe a type of pension scheme. This distinction is important, as it emphasizes the structured categories of pension plans available to individuals looking to secure their financial future.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy