These are sometimes known as ‘money purchase’ pensions. They can be personal pensions arranged by you or workplace pensions arranged by your employer.
The money paid in by you or your employer is put into investments by your pension provider. The amount you get when you come to take your pot depends on how much was paid in and how well the investments have done.
The value of your pot can go up or down depending on your investments.
With defined contribution pensions you decide how to take your money out.