It's important to understand your pension is an investment so its value can go down as well as up and you may get back less than was paid in.
Laws and tax rules may change in the future. Your own circumstances and where you live in the UK also have an impact on tax treatment.
Pay more, get more?
Your pension plan may be more rewarding than other investment vehicles, because the money you pay in is topped up by the government. Normally for every £1 paid into your plan, at least 20p of it is made up of tax benefits. This happens automatically. Your employer may even pay in more too.
If you want to, you can increase your contributions through MyPension .
It's a good idea to review your plan regularly, to make sure you're saving the right amount for you.
As well as your monthly contributions, you can make additional savings via Additional Voluntary Contributions (AVCs) which is a great way to boost your retirement savings. You may also be eligible for the bonus sacrifice scheme. All additional retirement savings benefit from the same tax relief as your main contributions and can be selected via MyPension
Bringing pension plans together
It's likely that you've paid into more than one pension pot if you've had more than one job. Combining your pots could make things easier to manage and help you save on fees.
- Easily manage your pension plan online from one clear place
- Benefit from any discounts that your employer has negotiated for you
- Make things simpler when you come to access your money
Many pension plans are appropriate to transfer, but some have valuable guarantees you might not want to give up. You could be losing money by giving up any valuable guarantees or benefits you might get from your other plans. To help you understand whether you have any valuable benefits attached to the plan you are looking to transfer, download our Pension Transfer Checklist (PDF 96KB)
Transferring won't be right for everyone - whether it's right for you will depend on your own circumstances, including the type of plan you hold. Remember, your pension is an investment so any money you transfer in could go down as well as up, meaning you could get back less than was paid in. If you are in any doubt, you may want to speak to a financial adviser. There is likely to be a cost for this advice.
You can call us to discuss a pension transfer over the phone:
0345 271 9503 (call charges will vary)
Or for some plans you can arrange a transfer online by logging in to your account.