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Pension money is invested and your investments can go down as well as up, meaning you could get back less than you invested. The idea is that this pattern of ups and downs balances out over time, which is why investing for your retirement is a long-term plan.
On average, a person will have multiple jobs over the course of their working life. If you’re part of a pension scheme at each job, that means you could end up with pension pots all over the place. If you’re self-employed, you may have different pension pots depending on if you’ve worked for a company or pay into accounts privately.
You can choose to combine your pension pots or keep them separate, but it’s worth considering the pros and cons of each option carefully. Keeping tabs on your different pensions is also important, with estimates that there is almost £20bn in ‘lost’ pensions outstanding*.
Visit the pension transfer pages to find out more.
It’s never too late to start saving for retirement, so even if life has got in the way, any money you pay into your pension fund will make a difference.
Our pension payment calculator shows you how different levels of payment can add up and our paying more calculator helps you see how increasing your payments could help you get more at retirement.
There’s no longer a statutory retirement age for most jobs, and many pension schemes give you some flexibility over when you can take your money once you reach 55.
Our pension options calculator can help you understand how these options would work for you if you were to be retiring now and, although the rules or options may change, they can give you an idea of whether you’re on track with your plans or whether it’s worth topping up your payments. Your pension provider or administrator should be able to give you an up-to-date statement of what your pension could be worth at the retirement age you originally selected. You can also find out what State Pension you may be entitled to.
Things may have changed by the time you’re ready to retire, but currently there are a number of options available to you when you decide that the time is right to take money out of your pension:
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