How contributions are made
Regular contributions - building up your pension pot
Your workplace pension helps you to build up a pot of money that you can use when you retire. Your employer will usually make regular payments into your pot on your behalf. And you may also make regular contributions from your salary. These will be deducted from your pay before you receive it each month and paid across to Fidelity on your behalf.
Money going into your pension is boosted by tax relief, which is effectively an incentive from the government to encourage you to save for retirement. It means that you don’t have to pay tax on your contributions, even though it is money you receive from your employer. However, there are restrictions on the amount of tax relief you can receive each year, known as the annual allowance.
Tax treatment depends on individual circumstances and all pension and tax rules may change in the future. The minimum age you can normally access your pension savings is currently 55, but this is due to rise to 57 in 2028.
Go to our pension tax allowances page for more information on pension tax relief.
View the contribution levels available to you
Log in to PlanViewer
To log in for the first time you'll need your Fidelity Reference Number which can be found on any letter from us
Go to 'Plan Information'
If logging in via the app, you'll need to click on 'Actions'
Select 'Plan forms and literature'
In the app, select 'Plan forms and documents' and download the Contributions Explained document
Get more out of your pension
Depending on the rules of your pension plan, you may have the option to make extra payments into your pension. If you decide to increase your monthly contributions, you may even find that your employer will increase their contributions too.
On top of that, many plans allow members to make single or one-off contributions. So, if you have some money spare – for example, from a work bonus – you may be able pay some or all of it into your pension and benefit from tax relief as well.
The information about the contributions available to you can be found on PlanViewer and will explain exactly what options are available through your plan.
If you are thinking about increasing the amount going into your pension, it can make sense to start as soon as possible. That way your savings will have more time to grow, and they’ll have more chance to benefit from compounding. Compounding describes the way that any investment growth you earn on your money is applied to the previous years’ growth on top of the amount you have invested. Remember though, that any growth is not guaranteed as the value of investments can go down as well as up, so you may get back less than you invest.
Simply enter your age and salary into our calculator to see how small changes to the amount you save can make a difference to your pension pot.