Grow your pension pot
You can always pay more into your workplace pension. If you and your employer are only paying the pension contributions required by law, along with the state pension it’s quite likely this won’t be enough for a comfortable retirement.
Paying in more to your pension pot
Paying in to your pension pot is also called ‘contributing’ and you’ll hear people talking about increasing your pension ‘contributions’.
If you can afford to, you should consider saving more. The more you pay in, the more tax relief is added by the government and the more you should get back when you retire.
Ready to make extra pension contributions?
If you want to increase your payments, talk to your employer first to see if they can set up the extra payments on your behalf. If your employer cannot do this on your behalf, then call us on 0300 2000 555 (calls are recorded for training and monitoring purposes). You can always reduce your pension contributions back to the minimum amounts if things change and you don’t have enough spare cash each month.
You can also set up and/or change extra payments by Direct Debit. This makes saving more for your retirement even easier.
Want to check how much you need to save for retirement?
We’ve created some handy calculators to help you work out how much you’ll need to enjoy your retirement, so you know how much you need to save now:
- Our life expectancy calculator can give you an idea of how long your pension savings will need to last.
- Our future budget caluclator can help you check whether need to save more into your pension to cover your costs in retirement – and if so, how much.
Tax relief on your pension
For once it’s good news about tax. The government wants to encourage us to save for our retirement, so as an incentive, they give back the tax we’d normally pay on any money that we put into our pension.
You can sometimes even get tax relief if you don’t pay tax. Wait, what?