£203.85 per week or £10,600.20 a year is equivalent to the full basic state pension you'll receive when you retire, assuming you have made at least 35 years' worth of National Insurance contributions.
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A pension is a long-term savings plan with tax advantages. The primary purpose of a pension is to provide you with an income on top of your state pension when you have retired from working.
If you are currently working you will have access to a workplace pension arrangement. This is a valuable employee benefit because for every payment you make into your workplace pension scheme, your employer will also make a contribution.
*(changing to age 57 from 6 April 2028)
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