Help with your pension planning

A collection of videos to help with your pension planning, including making contributions, deciding on your investment strategy, and your options at retirement.

Saving for retirement

Preparing yourself and your finances is crucial to having enough money in retirement. The State Pension will only fund a basic lifestyle, so your workplace pension is really important.

Saving for your future

A workplace pension is a great way to save for your future for two key reasons:

  • Your employer will usually pay into your savings account
  • You can save tax on your payments

How much will you need when you retire? When do you want to stop work? These kinds of decisions will affect how much you need to be saving and when to switch your savings into lower risk investments. It’s important you explore all your options.  

What lifestyle do you want to have and how much does that cost? The Pensions and Lifetime Savings Association carried out research to help people understand how much they might need.

If you’re off track and need help in understanding how you might get closer to the income you need for retirement, here are some actions you can take:

  • Save more – not always easy, but tax savings mean it can cost less than you might think
  • Add a lump sum – if you receive bonuses, you can often pay them into your pension savings
  • Consolidate your savings – by putting your pension savings into one place, you may be able to save on charges
  • Work longer – retirement is now much more flexible than it used to be
  • Delay your State Pension – you may not need it straight away and it will increase if you take it later

Life events like having a child, buying a house, getting divorced or the death of a loved one can affect your ability to save. MoneyHelper has helpful information about major life events and things you may want to consider:

The Plan is run by Scottish Widows and
you can find more information on their website