What types of pension accounts are there?

Pension accounts include pension savings accounts opened under the name 'pension savings' (pension savings insurance, pension savings funds and pension savings trusts) and retirement pension accounts such as defined contribution (DC) and individual retirement pension (IRP) accounts.

Money received as a pension from a pension account is taxed as private pension income. Whether principal is protected and how the money is managed differ by product, so check whether a product suits your purpose.