Having a savings plan to keep you on track to your goal is important but, whether you’re faced with rising living costs or new adventures, we know that life isn’t always straightforward. You might find that it isn’t always possible to save the same amount of money into your pension regularly – and that’s okay! We can’t predict what curveballs might come your way, but we can show you how to make your pension work harder for you when times are tight.
Compound interest and pension tax relief are a match made in heaven for long-term pension growth. In the final instalment of his Pension Awareness Month video series, our Head of Personal Finance, Brian, explains how you can grow your pension without even touching it.
Make your money work harder with a Moneybox Pension
In addition to your workplace pension, a personal pension can be a great tool for growing your money for the future. With a Moneybox Pension, you can:
- Track down and combine your old workplace pensions into one personal pension, with the help of our trusty Pension Detectives, free of charge
- Get a 25% bonus from the government on your contributions. So, for every £4 you save, the government will contribute £1 (Pension and Tax rules apply)
- Save as much or as little as you like, whenever and as often as you like, with weekly deposits, monthly payday-boosts, one-off deposits or by rounding up your spare change
- Track the performance of your investment 24/7 in the app
As with all investing, the value of your pension can go up and down, and you may get back less than you invest. Payments you make into your pension won’t be accessible until the minimum pension age.
When deciding whether to transfer your pension, it’s important to compare the charges, investment options & benefits between Moneybox and your old provider. Moneybox cannot accept a transfer from a pension your employer is currently paying into.
If you’re not sure whether the Moneybox Pension is right for you, you may want to contact a suitably qualified financial adviser for help.