Pension basics

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Pensions – review your investments

When you save into a pension it’s important to think about where your money is invested and to review your investments regularly. As you get older and retirement draws closer, you should probably change your investment strategy to reduce the amount of risk you’re exposed to.

Tax relief on pension contributions

Getting tax relief on pensions means some of your money that would have gone to the government as tax goes into your pension instead. You can put as much as you want into your pension, but there are annual and lifetime limits on how much tax relief you get on your pension contributions.

Compensation if you’ve lost money through mis-selling

If your adviser has gone bust and you’ve lost money because of their negligence, you might be able to get something back through the Financial Services Compensation Scheme. Check your rights for mis-sold mortgages, pensions, insurance and other investments and find out when and how to make a claim.

Lifetime allowance for pension savings

The lifetime allowance is a limit on the value of payouts from your pension schemes – whether lump sums or retirement income – that can be made without triggering an extra tax charge. This guide explains the rules and how to protect your allowance.

How to spot a pension scam

Pension scams are on the increase in the UK. Every day fraudsters are using sophisticated ways to part savers from their money and the internet and advances in digital communications mean these kinds of scams are getting more common and harder to identify. A lifetime’s savings can be lost in moments.

Retirement – why should I get advice?

When you’re coming up to retirement you have lots of decisions to make, not least how to convert your pension pot into retirement income. In this guide we explain why you should get help and where you can find it.

Your first pension – the options

Once you’ve decided to start saving into a pension, you’ll need to choose where to save. There are many different providers to choose from, but your first task will usually be to select the type of pension that’s right for you. In the article below we explain which of these it makes sense to consider first.

How to deal with a gap in your pension savings

Most people find they have a shortfall when they come to check their current pension savings. If this applies to you use our ready reckoner below to estimate how much extra you need to save. If you don’t yet know if you have a shortfall use the links provided to check.

Making the most of your pensions

It’s essential that you review your pension situation regularly. If you find you have a shortfall, the need for action is clear. If your retirement savings are broadly on track, you can still take steps to make it more certain that your pension pot will be able to achieve the income you want when you retire.

Why save into a pension?

Pensions might seem complicated but the basic idea is a simple one. It’s worth understanding their benefits, because your State Pension – while providing a foundation – may not be enough to live on. You need to save more.

Trace lost pensions and request pension forecasts

In order to plan for your retirement, you need to figure out how much income you’ll get from all your pensions, including workplace or personal plans, as well as the State Pension. It’s actually pretty easy to get this information even for a pension you might have lost track of over the years.

Do you need a financial adviser?

If you’re looking to invest, buy a financial product or plan for the longer term, whether or not you need financial advice will depend on a number of factors such as what product you are looking for, how complicated your finances and personal circumstances are and your short and long-term goals.

Sort out a money problem or make a complaint

If you’re unhappy with the service you got from your bank, financial adviser or any other financial company, it’s often easy to sort out. If talking things through doesn’t work, there’s always a formal way to complain – and if you’re still not happy, you can ask an independent service to investigate.

Find an adviser

If you decide you want financial advice, you can begin your search for the most appropriate regulated financial adviser for you by simply entering your postcode below: