What is a DC pension?
‘DC’ stands for Defined Contribution. With a DC pension, you, your employer, and the government build up a pot of money for you to use. This pot of money is invested to give it the chance to grow even more. You can start taking the money out of your pot any time after you’re 55.
You can use the money in your DC pension to give yourself an income. There are a few ways you can do that.
A DC pension gives your family security too. If you die before your spouse or partner, they’ll get some money from your pension.