Pension: basics
10 Support topics
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Should I consider a personal pension or a Lifetime ISA?
Both pensions and Lifetime ISAs can be used to save for retirement but there are important differences between them,…
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How much should I expect to pay in fees?
Fees are important because they reduce the performance of your pension, and over the long term even small differences…
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Where does my money go?
Your pension contributions are usually invested into funds, which give you access to a range of different investments. Funds…
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Does it make sense to combine pension pots?
If you’re considering combining your pension pots, it’s important to consider the fees you’re being charged on your old…
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What happens when I leave a company?
When you change jobs, it’s likely you’ll leave behind a pension. While you and your old employer will no…
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How much should I be paying into my pension?
The amount you should be paying into your pension depends entirely on your own circumstances. If you’re unaware of…
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What are ‘defined benefit’ and ‘defined contribution’ pensions?
Most pensions available today are defined contribution pensions. In this type of pension, the amount contributed is known (so…
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What are the different types of Pension?
You could end up with different types of pension depending on whether you’re employed or self-employed, and the pensions…
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Why should I care about pensions?
Pensions provide the cash to live off when you retire – the more money you put away into a…
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How much money should I have in my pension?
It’s easy to assume you’ll need a similar income in retirement as during your working life to maintain your…
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It's important you know
Capital at risk. All investing should be for the longer term. The value of your investments can go up and down, and you may get back less than you invest. Tax treatment depends on individual circumstances and may be subject to change in the future.
A 25% government penalty applies if you withdraw money from a Lifetime ISA for any reason other than buying your first home (up to £450,000) or for retirement, and you may get back less than you paid into your Lifetime ISA.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Payments you make into your pension won’t be accessible until the minimum pension age (currently 55, increasing to age 57 from 2028). Tax treatment depends on individual circumstances and may be subject to change in the future.