Take steps to get your pension on track
If you haven't got round to thinking about your pension yet, or perhaps not saved as much as you hoped, you're in the right place.
Time to look after future you
Whether your retirement is a way off, or just around the corner, there are things you can do to whip your pension into better shape. Here are some practical pointers for you to mull over.
1. Max out your pension contributions
Think about making the most of your contributions. Even adding 1% extra can make a big difference, especially if you've got time on your side. It might be that your employer will add more. Or, perhaps you can afford to put a little extra in yourself. You should also check if you're claiming tax relief. All of which can help boost your pension savings (although this isn't guaranteed).
Just remember, you can't normally access your pension savings until age 55 (this is due to change to 57 from 2028).
Learn about maximising your pension contributions
Want to increase your pension contributions?
No problem, simply get in touch with your employer or your usual pension contact. To make a one-off contribution, simply call us on 0800 3 68 68 68. Our lines are open Monday to Friday, 8:30am to 5:30pm.
2. Make managing your pension easier with PlanViewer
Who doesn't like a good life hack? PlanViewer makes it easier to keep on top of your pension - from understanding how your investments are performing to checking your selected retirement age and keeping your contact details up to date.
Download the PlanViewer app or log in to the PlanViewer website.
3. Take control of your finances
Even for the most budget-conscious, it's not always easy trying to balance your everyday expenses with saving for your future. And when times are tough, it might feel like the simple solution is to reduce your pension contributions. But sacrificing paying into your pension - even temporarily - could have a real impact on your retirement in the future. Especially when there's so much you can do to take control of your finances - like budgeting or tackling debt.
Want to know what you can do to improve your own financial wellness?
4. Think about bringing your pensions together
Many of us collect a number of workplace pensions over the years. Bringing them together into one place could make things easier to manage.
5. Lean on the support that's out there
If you're 50 or over, the Government’s Pension Wise service offers free, impartial guidance to help you understand your options at retirement. You can access the guidance online at moneyhelper.org.uk or over the telephone on 0800 011 3797.
You can also speak to an authorised financial adviser.
If you like crossing things off your pension 'to do' list, help is at hand. Our handy checklist will tell you what you can do today that will benefit you in the future.
Want to invest in your shorter-term future?
Your workplace pension is one way to save tax-efficiently for the long term. But what if you could save tax-efficiently for those shorter-term goals - like your first home, a holiday of a lifetime, wedding or child's education?
An individual savings account, or ISA, or junior ISA (for children) can help you do exactly that. As long as you don’t contribute more than the annual allowance, you don't have to pay any income or capital gains tax on the returns you make. Allowing you to keep more of your money.
If you're interested in saving tax-efficiently alongside your workplace pension, your employer has partnered with Fidelity to offer an exclusive discounted service fee for Fidelity Personal Investing accounts. This includes their tax-efficient Stocks and Shares ISA.
Discover Invest@Work on the PlanViewer website or the app.
Fidelity’s Invest@Work products are provided by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority.