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It’s never too early – or too late – to think about your pension. For many people, their retirement savings is likely to directly affect their quality of life so it pays to keep on top of your pension.
A pension is simply a pot of money which grows free of UK tax.
You, your employer, and the government can all pay into it. You can also pay into someone else’s, for example for your spouse or children.
Then, from 55 (57 from 2028), you have the option to take money from your pension. There’s usually no deadline but most people tap into their pension when they cut down their working hours or stop working altogether.
Your pension is usually invested in the stock market to give it the best chance of growing. These investments can go down as well as up. So you could get back less than you invest. This makes it important to think carefully about where you invest. Take advice if you’re not sure.
The top up from the government gives you an extra incentive to save. They automatically add 20% tax relief to whatever you put in. You could get more if you pay more tax.
Our website offers information about investing and saving, but not personal advice. If you’re not sure which investments are right for you, please request advice, for example from our financial advisers. If you decide to invest, remember that investments can go up and down in value, so you could get back less than you put in.
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is registered in Engand & Wales no. 11322007 . F3 Wealth Limited is authorised and regulated by the Financial Conduct Authority no. 827075 . The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK.
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