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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.
Basic rate tax relief means that for every £10 you save into your pension, it only costs you £8. If you’re a higher or additional rate taxpayer, you can claim for additional tax relief. The way in which the tax breaks 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:
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:
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.
If you receive a lump sum such as a work bonus or an inheritance, you could invest it in your pension plan.
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.
We have a wide range of pension guides, tools and articles to help you make the most of your savings.