Private pension saving is a crucial part of saving for retirement in the UK. Private pension wealth makes up 42% of UK household wealth, and in 2021, £115 billion was contributed to workplace pensions by 22.6 million people and their employers.
The state pension is worth £9,654 a year in 2022–23, and so many use an income from a private pension to avoid a significant drop in their income and living standards when they retire.
Private pensions can be split into two groups: defined benefit pensions, and defined contribution pensions.
STM Group plc (LON:STM) is a multi-jurisdictional financial services group listed on the Alternative Investment Market of the London Stock Exchange. The Group was formed as a strategic investment company specifically to build a leading financial services group originally operating in the international corporate and trustee service provider (CTSPs) sector.