If your employer contributes to your pension plan, they might pay in a bit more if you do too.
Some employers increase the amount they contribute when you increase your contributions (which may only be up to a certain limit). So if you put an extra percent or two of your salary into your pension plan, they might pay in more as well. And in the long-run, you could end up better off.
Ask your employer for details of whether they contribute to your pension plan, and by how much.
Another way of boosting your pension pot is to increase your monthly payments whenever you get chance.
If you get a pay rise, for example, why not arrange to pay some of it into your pension plan? You can try a similar trick any time a regular expenditure comes to an end. If you pay off a car loan, for instance, you could pay the extra money into your pension plan.
Small, regular increases like this can make a big difference to what you get back when you retire.
Over the long-term, your pension plan will hopefully grow in value. However, as with any investment, its value can go down as well as up, so you may not get back the amount paid in.
On top of your regular payments, you can also pay lump sums into your pension plan. And as with any payments you make into your plan, the government will top it up with tax relief, up to a certain limit.
So if you received a bonus from work and paid £1,000 of it into your pension plan, the government would add £250 in tax relief. The tax treatment of pensions depends on individual circumstances and may be subject to change.
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Where your pension plan is invested can have a massive effect on what you’ll get back when you retire.
You can monitor how your investment fund or funds are performing through your Pension Tracker account.
Before taking any decisions, make sure you know the basics of investing first.
The risk/return ratings we give each investment fund - and what they mean.
If you have any questions please call us on
0800 145 5744
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If you’d like a hand deciding where to invest your money, a financial adviser could help.
For more information about getting financial advice, visit our financial advice page.