Pensions are one of the most tax-efficient ways to save.

Saving a bit more now could make a big difference to your future but remember, investment risks apply.

Here’s what you can do:

  • Change monthly payments to suit you

    If you have a personal pension you can adjust the monthly amount you pay in, either online or on the phone. If you're a member of a workplace pension scheme, contact your employer to adjust your monthly payments. Pay more when you can afford it or reduce it when you can’t.
  • Make one-off payments

    If you receive a windfall such as a work bonus or an inheritance, you could invest it in your pension.
  • Get tax breaks on your savings

    Tax breaks mean that for every £10 you save into your pension, it only costs you £8 - or even less if you're a higher or additional rate taxpayer. The way in which the tax breaks are given depends on the type of pension scheme you're in and also whether or not you use salary sacrifice. You can find out more about this on the Pensions Advisory Service website.
  • Keep your payments on track

    Many pensions allow you to choose to automatically increase your payments each year, say by 3-5%. It's likely that they'll stay in line with inflation without you having to worry about it. You could even consider a larger increase if you receive a pay rise.
  • Change your retirement date

    You can change your retirement date at any time but the longer your pension is invested, the more opportunity it has to grow.
  • Manage your pension online

    Many of our pensions allow you to review or make changes to your investments online. Login to our online services or use our mobile app.

Things to remember

You normally can’t take your money out of your pension until you reach the age of 55 (age 57 from 2028).

Laws and tax rules may change in the future. The information here is based on our understanding in January 2018. Your personal circumstances also have an impact on tax treatment.

As with any investment, its value can go down as well as up and may be worth less than what was paid in.