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. Laws and tax rules may change in the future. Your own circumstances and where you live in the UK will also have an impact on tax treatment.

Why top up your pension plan?

Saving into a pension plan can help you build up savings for later life. It’s there so that when you decide to either stop working or reduce your hours you can still have enough to live on. Even if you feel that your savings are on track to live comfortably in retirement, you can still top up your pension plan to help give your savings a boost.

You'll get tax relief on your savings

Basic rate tax relief means that if you pay £80, this will be topped up to £100. If you’re a higher or additional rate taxpayer, you can claim for additional tax relief. The way in which the tax benefits are given depends on how payments are made.

You can find out more about tax relief and get some examples in our pension basics guide.




What you can do

When it comes to your pension plan, you also have a few options that can help you manage your savings and stay on track for retirement:

Change monthly payments to suit you

If you have a personal pension you can change the monthly amount you pay in, either online or on the phone. Pay more when you can afford it or reduce it when you can’t.

Make one-off payments

If you receive a lump sum such as a work bonus or an inheritance, you could invest it in your pension plan.

Manage your pension online

Many of our pension plans allow you to make changes to your pension plan investments online. 
Log in to our online services or use our mobile app.