State Pensions are paid by the government and can provide an income in retirement. Anyone who has worked and paid enough National Insurance (NI) contributions for a set number of years should be eligible for the basic state pension.
The State Earnings Related Pension was the name of the government’s additional pension scheme until April 2002. Anyone who was earning more than £75 a week and had not “contracted out” would have been building up an additional pension under SERPS.
A group personal pension, or GPP is a collection of individual pension plans set up as a group. In most cases, your contributions are taken directly from your salary and paid by your employer to the pension provider.
Personal Pensions are pensions where you can either make monthly or lump sum payments via a pension provider. They are there to build up a tax efficient pot that by the time you get to retire would pay out an income.