Planning
Know your choices at retirement
Understand annuities, drawdown, and lump sums - and how to combine them for the best outcome.
1 Nov 2024 | 7 min read
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Maximise your pension
Explore practical ways to grow your pension, improve contributions, and make better use of the allowances and benefits available to you.
Review your current arrangements
Before you can improve your pension, you need to understand what you already have. That means knowing your current pension value, the charges you are paying, and whether your investment strategy still matches your goals and timeline.
Many people are surprised to find they are paying more in charges than they realise, or that their pension is invested in a default fund that no longer suits their risk appetite. A full review is the essential first step.
Know your pension value, charges, and whether your strategy still fits
Many people pay more in charges than they realise a review reveals this
Understanding what you have is the essential first step to improvement
Increase your contributions
Even small increases to your monthly contributions can have a dramatic effect over time thanks to compound growth. The earlier you increase contributions, the greater the impact but it is never too late to start.
If your employer offers matching contributions, make sure you are taking full advantage. Employer matching is effectively free money added to your pension, and not using it is leaving salary on the table.
Even small increases compound dramatically over time
Employer matching is free money maximise it before anything else
The earlier you start, the greater the long-term impact on your pot
Consolidate old pensions
The average person changes employer 11 times in their career, often leaving behind small pension pots at each job. Multiple small pensions are harder to manage, frequently attract higher charges, and are easy to lose track of.
Consolidating your pensions into a single arrangement can reduce charges, simplify management, and give you a clearer picture of your total retirement savings. Always take advice before transferring some older pensions have valuable guarantees that would be lost on transfer.
Merge multiple pots into a single, simpler, lower-cost arrangement
One pension is easier to track, manage, and plan for retirement
Always take advice before transferring some guarantees cannot be replaced
Understand your investment options
Most workplace pensions default to a cautious or balanced fund that may not be appropriate for your age and risk tolerance. If you have 20+ years to retirement, you may be able to take on more risk for higher potential growth.
As you approach retirement, gradually shifting to lower-risk investments can protect the value you have built up. A qualified adviser can help you build an investment strategy that is aligned with both your goals and your timeline.
Default funds often don't match your age or risk appetite
With 20+ years to retirement, a higher-growth strategy may be appropriate
De-risk gradually as retirement approaches to protect what you have built
Get started
Our advisers will review your existing pensions, identify opportunities, and build a contribution strategy tailored to your situation.
Other Guides
More resources to help you plan your retirement
Investment
How drawdown works and what to watch out for
A practical guide to pension drawdown - how to manage withdrawals, investment risk, and sequencing.
12 Nov 2024 | 6 min read
Annuity
Enhanced annuities - could your health pay off?
If you have a health condition or lifestyle factor, you may qualify for a significantly higher guaranteed income.
15 Nov 2024 | 4 min read
FAQ's
Common questions about maximising your pension