Saving for your future

Saving for your retirement is essential, and making the right choices now can really pay off. We’re here to help you make good decisions so you can live the lifestyle you want when you retire.

Putting your money into a pension from Standard Life Assurance Limited is one of the most tax efficient ways to save for the kind of life you want in retirement. With the tax breaks you get, it can mean building up your retirement savings could cost less than you might think. What’s more, your pension is invested, which gives your money the potential to grow. However, it could go down in value too.

Tax Pensions and tax breaks

One of the great things about saving into a pension is the tax relief you get. This means that if you're a basic rate tax payer, for every £100 saved into your pension the cost to you is only £80. This could effectively be even less if you're a higher or additional rate tax payer.

Your tax rate You pay HMRC pay Total paid into pot
Basic £80 £20 £100
Higher £60 £40 £100
Additional £55 £45 £100

When you decide to start taking money from your pension, 25% is normally tax-free. You then pay income tax on the rest. You can take this as one lump sum or in stages.

Our guide to tax in retirement
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To invest £100 in a Pension

You pay £80 Tax relief £20
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Basic rate
tax payer
You pay £60 Tax relief £40
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Higher rate
tax payer
You pay £55 Tax relief £45
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rate tax payer

How much retirement money you’re going to need depends on the type of lifestyle you want. To help you understand how much you may need we’ve created the retirement tool.

Simply pick from our list of things to do in retirement, and we’ll give you an idea of how much money you may need to make it happen.

How much will you need to retire?

Retirement tool - your life once you stop work

What kind of life would you like to lead when you've said goodbye to the 9-to-5? Create a vision of your ideal retirement and we'll give you an idea of how much money you'll need to fund it.

Experts say that you need around 2/3 of your income to live comfortably in retirement.

To fund the lifestyle you've just chosen, you'll need:

£10,200per year before tax
This example is not designed to be specific to your personal circumstances. Its purpose is to act as a guide to help you understand the income you might need to fund the lifestyle you want. Figures are based on today's costs for such a lifestyle and do not take into account inflation.

Is your pension on track?

It’s important to make sure you keep an eye on your pension value and understand if the amount you’re putting away will be enough to fund the future you want.

Take a look at our pension calculator to see if you’re on the right track for the future you want.

How you could help boost your pension savings

You could help boost your pension savings by paying in a little more each month. A small increase can make a big difference.

With the tax breaks you get on your pension savings, every £100 you pay only costs you £80 – or even less if you’re a higher or additional rate taxpayer. But keep in mind that the value of your investments can go down as well as up and you could get back less than you paid in.

Laws and Tax rules can change in the future and how they impact on you will depend on your personal circumstances.

You can increase your pension payments by logging in.

If you have a workplace pension you should get in touch with your employer to find out how to change your pension payments.

Bringing your pensions together

Do you have pensions elsewhere? You could bring them together to boost your pot and give you one easy to manage plan. If you’re new to Standard Life you can even transfer in your other pensions when you set up a plan with us. Keep in mind that transferring may not be right for everyone.

Learn more about bringing your pensions together

Investing for your future

The money in your pension is invested to help give it the opportunity to grow. How it’s invested will affect how your pot grows – so it’s important that you understand your investment options.

You can find out more about your investment options on our investment page

How long you’re invested for also plays a big part in the amount of money you could get back at retirement. Generally, the longer you can keep your money invested, the more potential it has to grow. You can read more about why you should take a long-term view with your investments by reading MoneyPlus.

But remember, your money can go down in value as well as up and you could get back less than you paid in.

How can I start saving for my retirement

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Our personal pension

Easy investment option

Looking for a simple and tax-efficient way of saving for retirement?

Our Easy option personal pension could be right for you.

  • Pay in from £80 a month or an £800 lump sum
  • Start, stop or change payments online
  • Let experts manage you investments for you
Read about our Easy option

DIY investment option

Our DIY option could be a good choice if you want to choose and manage your own pension investments. You can review and switch funds easily.

  • Pay in from £80 a month or an £800 lump sum
  • Start, stop or change payments online
  • Choose from hundreds of investment funds from leading fund managers
Read about our DIY option

A pension is a long-term investment. Its value can go down as well as up and could be worth less than was paid in.

Set up a new pension

You will select "Easy" or "DIY" investment option during set up

Our SIPP (Self-invested Personal Pension)

Our Self Invested Personal Pension (or SIPP) is our most flexible pension, offering a wide range of investment options from Standard Life and other providers.

Read about our SIPP

Learn more about preparing for retirement

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Make managing your money simpler - combine your pensions

It could make sense to bring your pensions together. You can transfer in other pensions while setting up your new plan. Transferring isn't right for everyone but we can help you understand the things you need to think about.

Find out more >
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Get a financial health check using our health check tool

Use our health check tool to see how your finances are doing, and get some ideas to shape up your money

Find out more >

Still unsure about what to do?


Get some expert advice

Getting a better understanding of your finances and speaking with an expert is a great way to build your confidence and help you make the right decisions.

Visit our expert advice page to find out more >
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Get free impartial guidance

Go to or call 0800 1383944 for free impartial guidance face to face or over the phone. You can also take a look at the Money Advice Service for more guidance.