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 a 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 check your pension savings are always aligned with your personal circumstances and goals.
You’ve also access to handy tools that can help you plan for the future. For example, 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.
And by downloading the App it means you can do all this not only online but on the go too, anytime, anywhere.
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 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.
Combine your pensions into one simple plan
Have you gathered multiple pension pots from old jobs over the years? Keeping track of them all can get confusing. Combining your old pension pots into a single plan could help you to:
Reduce your admin – with just one pension pot to look after you can cut back on admin and minimise paperwork
Easily track performance – seeing all your pension savings in one place can make it easier to track your retirement goals and check your tax allowances
Save on charges – you could pay less in charges by bringing your pension pots together
Seeing the current value of your pension savings in one place could help make your options clearer when deciding how to take your money at retirement.
But remember, combining pensions isn’t right for everyone.
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.
A bigger pension pot
Tax benefits
A brighter future