Pay attention to your pension
Two in five working age people are not saving enough for an adequate retirement income.
Our HL Know Your Pension checklist could help you take control of your pension and make sure it's ready when you're ready to retire.
Important information: Nothing on this page or our website is personal advice. If you’re not sure what’s best for your situation, you should seek financial advice. Tax rules can change and any benefits will depend on your circumstances. You can’t normally take money from your pension until age 55 (57 from 2028). All investments, including those in your pension, will fall as well as rise in value so you could get back less than you invest.
Know Your Pension checklist
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Find out how big your pension pot is
Register online to view your HL workplace pension or, if you’ve already registered, log in to your account and view your pension at least twice a year. As you approach retirement, ramp up that frequency, so you know what to expect when you get there.
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Check you’re on track
Either check your payslips or log in to your HL account to see how much you and your employer contribute to your pension each month.
A moderate retirement lifestyle costs £25,000 per year for a single person and £36,480 for a couple. This jumps to £38,662 per year for a singleton seeking a comfortable retirement income and £58,640 for a couple.
Use the Pension Calculator to check you're on track for the retirement you want.
Money in a pension can only be accessed from age 55 (57 from 2028).
Pension calculator
Find out if you're on track to get the income you want in retirement.
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Supercharge your pot
Make sure you're maximising employer contributions. Will your employer contribute more into your pension?
If you're able, contributing more to your pension (up to a limit of £60,000 each tax year for most people), could help you reach your retirement goals sooner.
Contact your HR or Payroll department to find out how to increase your contributions.
Pensions are eligible for tax relief, up to 45% if you’re a higher rate tax payer or 20% for basic rate tax payers. So paying £100 into your pension could cost as little as £55 (for higher rate tax payers) or £80 for basic rate tax payers.
If you’re a Scottish taxpayer the amount of tax relief you can claim is different. See the information on the Scottish income tax changes page. Remember that tax rules can change and benefits depend on personal circumstances.
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Retirement Planning
It's never too early to think about your life after work.
How you access your pension will determine your investment strategies in the run-up to retirement and could impact how much time you have left in the stock market.
There are lots of options to take retirement income - a fixed income for the rest of your life (an annuity), or more flexible options like drawdown. Or a mixture of both.
You can find out more about retirement options.
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The State Pension
It's likely to be a key part of your retirement income in addition to your workplace pension.
The new State Pension pays a maximum of £11,502 each year to those with a full National Insurance record (35 years).
If you don't have a full National Insurance record, you can plug gaps with credits including child benefit or top up with voluntary contributions.
Find out more about the State Pension.
How much should I pay into my pension?
We explore what to consider when deciding how much to contribute, and why it pays to start early.
Eight ways to make the most of your pension
In this article we give you 8 tips to make the most of your pension.
Guidance, help and advice
Guidance from Money Helper
If you want to make your money and pension choices clearer, get government-backed, impartial guidance from Money Helper.
Money Helper also provide a free and impartial service, Pension Wise, to help those over 50 understand their retirement options.
Have a question?
Our UK-based helpdesk are here for you six days a week. Our friendly and knowledgeable team are ready to answer your questions no matter how big or small.
Call us on 0117 314 1795.
Opening hours
Monday - Friday: 8am - 5pm
Saturday: 9.30am - 12.30pm
Financial Advice from HL
Our financial advisers can work with you to:
- Plan your personal budget and retirement income strategy
- Make sure your investments match your goals
- Give pension advice, including when and how to take them
Financial Advice from HL
Our financial advisers can work with you to:
- Plan your personal budget and retirement income strategy
- Make sure your investments match your goals
- Give pension advice, including when and how to take them