With tax year end approaching, not only is it a good time to ensure you’re making the most of your pensions tax benefits, it’s a great chance to review your plan in general.
And there’s a number of actions you could take today that may make big difference to your tomorrow. Including:
Logging in to our online services to help keep track
Online Servicing gives you access to all of your Standard Life plans and information.
By regularly reviewing your pot you can make sure your pension savings are always aligned with your personal circumstances and goals.
Not registered yet? Go to standardlife.co.uk/register
Keeping things up to date
Even simple steps such as paying close attention to your selected retirement date and updating your personal details can make a difference to the information you receive from us.
It’s also important to make sure you’ve nominated a beneficiary as your pension plan is not covered in your will. Doing so it tells us who you’d wish to receive your pension savings in the event of your death. This could be a loved one or a charity perhaps.
Increasing payments into your pension plan.
Your pension is one of the most tax efficient ways to save for retirement as you usually get tax benefits on your payments.
You might want to think about reviewing what you’re paying, if for example you get a pay rise.
Remember the tax benefits mean that as a basic rate taxpayer investing £100 into your plan can effectively cost you £80. Even less if you’re a higher rate or additional rate taxpayer.
Making one off payments
Paying a lump sum into your pension plan is a simple way to give it a boost. And, as with other payments into your plan, the government will top it up with tax benefits.
For example, if you received a bonus from work and paid £1,000 of it into your pension plan, the government would add £250 if you’re a basic rate payer – and, as with regular payments you could potentially be entitled to more if you're a higher or additional rate tax payer.
Planning for your life after work
The amount of money you’re going to need after you stop working depends on the lifestyle you want.
Our Retirement income tool will use your Standard Life pension as the starting point to let you see what your retirement income and lifestyle might look like.
To ‘plan your retirement’ - log in to your online account and ‘see a better picture of your retirement in 5 minutes’.
For more information and useful Pension and Retirement tools, visit standardlife.co.uk
A pension plan 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.
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