Retirement annuity contracts are individual contracts between you and the pension provider. The pension provider is usually an insurance company.
They’re also known as Section-226 pensions, s226 pensions or self-employed retirement annuities.
It hasn't been possible to take out a new retirement annuity contract since 6 April 1988. Contracts taken out before this date can remain in place, and you might be able to carry on paying into them.
Each year there are limits to the amount you can pay into your pension schemes and still get tax relief. You could pay in more, but if you pay more than the limit you won’t get tax relief on the extra amount.
When you retire, you can take money from your pot however you want. Usually, 25% is tax-free and the rest is taxable.