Keep your pension savings on track

If you are already paying into a workplace pension, you are already making progress towards reaching your long-term savings goals. But with 62% of workers aged 39-54 saying they have ‘no idea’ how much they are or expect to spend once they retire¹, now may be the ideal time to take a closer look at your savings and check you are on track to achieve your goals.

Read below for tips on how you can make sure you're on track to achieve the retirement you want.

¹ Source: The Fidelity Global Sentiment Survey, 2023. The data collection, research and analysis was completed in partnership with Opinium, a strategic insight agency. Data collection took place in July 2023 and includes a sample of 1000 UK adults.

The figures quoted are designed to help you understand some simple rules of thumb about saving for retirement. They are based on average household incomes and do not take into account your personal circumstances. They may not be appropriate to you, in particular, the closer you are to retirement, the less applicable they are to you, and you should consider seeking personalised advice. The figures are based on a number of assumptions which can be seen in more detail on the pages where the tools are hosted.

It’s a good idea to regularly review how much you are saving. As your circumstances change, you can easily amend your contributions as it suits you through your employer. You can potentially boost your savings by making additional contributions on a regular basis, as well as one-off contributions.  Learn more about contributions.

Understanding what pension tax allowances and limits might apply to you can help you to maximise your pension savings. Find out how to make the most of the  available to you and remember that tax treatment depends on individual circumstances and pension and tax rules may change in the future.

You’re likely to be in retirement for 20 years or more, so it’s important to invest your pension in a way that will help you achieve your retirement goals. You may be invested in the default strategy of your pension plan, or you may have decided to self-select your own investments. Either way, it’s important to review your pension investments on a regular basis. To find out more about the investment options available through your pension plan log in to PlanViewer.

If you are unsure about whether your investments are suitable for your circumstances, or you need advice on any of the options available to you, we recommend that you speak to an authorised financial adviser.