A workplace pension is one that has been set up by an employer to provide employees with retirement benefits. These schemes can be defined-benefit (final-salary) schemes, where the amount you’ll receive in retirement is guaranteed by the employer, or defined-contribution (money-purchase) pensions, where the amount you’ll receive in retirement is dependent upon how much the employee contributes over time as well as the investment growth of the plan. We explain both types in our private pensions guide.