Question

Please can someone kindly give me three advantages and disadvantages of pension scheme.

Answer 1

Explanation:

The disadvantages of a pension

• The major disadvantage of pensions for many people is the lack of access. While pension freedoms have improved things, you still can't access your pension funds until you're 55.

The advantages of saving into a pension

• How tax relief tops up your pension pot. Once your income is over a certain level, the government takes tax from your earnings. ...
• Once your income is over a certain level, the government takes tax from your earnings. ...Top-ups from employers. ...
• Once your income is over a certain level, the government takes tax from your earnings. ...Top-ups from employers. ...A tax-free lump sum when you retire.