Make sure your pension stays on track
It's great news that your pension savings are on track for the retirement you've pictured for yourself. But this is a marathon, not a sprint. So, stay focused and keep at it.
Retirement and beyond...
Based on your answers to the quiz, you're doing well. Now, it's a case of thinking what else you can do to face your future with even more financial confidence. Here are some practical pointers to help you reach your retirement saving goals.
1. Max out your pension contributions
You're already saving what you need for the retirement you want. But life is full of twists and turns. So, there's no harm in having more in your pension to prepare for the unexpected. Or even treat yourself. And making the most of your contributions can help you do exactly that. It might be that your employer could add more. Perhaps you're thinking you might put a little extra in yourself? And it's worth checking that you're claiming tax relief. It all helps.
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, 8am to 6pm.
2. Don't pay more tax than you need to
If you want to maximise your pension savings, it's worth knowing what pension allowances and tax benefits are available to you. We've got a range of helpful guides to help you understand what they are.
3. 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.
4. Keep tabs on your pension with PlanViewer
Right now, the calculator shows your pension savings are on track. PlanViewer will help you make sure you stay that way - from monitoring your money, to making changes to your plan and staying informed with our plan and learn hub. It's quick, convenient and secure.
Download the PlanViewer app or log in to the PlanViewer website.
5. Pass on your wealth to your loved ones
Your workplace pension can be a tax-efficient way to pass on your wealth, as pensions typically fall outside of your taxable estate.
This means your beneficiaries won't pay inheritance tax on anything they receive from your pension savings (although depending on their circumstances they may need to pay income tax).
It's important to nominate your beneficiaries so that we know who they are, so that's one less thing that needs to be unravelled further down the line. It's quick and easy to do this online through your PlanViewer account (although not all plans allow this).
Remember, tax is based on individual circumstances and pension and tax rules may change in the future.
6. Lean on the support that's out there
If you're over 50, 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.