Saving for retirement

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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.

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.

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.

Lifetime ISAs – how they work

Lifetime ISAs (also known as LISAs) are a new type of ISA created to help people save for their first home or retirement. If you take out a Lifetime ISA, the Government will give you a bonus worth 25% of what you pay in, up to a set limit, every tax year. This guide will help you understand whether taking out a Lifetime ISA is the best option for you.

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