Pension schemes are simply another form of long-term saving, but they have distinctive features that mark them out as being different from other savings vehicles:

(1)The range of tax reliefs is unique as befits a set of incentives that is designed to encourage saving for terms that could be at least 40 years.

(2)A condition of tax reliefs is that the rules applying to how and when benefits are taken are relatively prescriptive (and indeed retirement benefits are generally only available from at least age 55).

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