Each time you save into your plan, you'll receive extra contributions from your employer and the taxman. This will help to boost your retirement savings. Contributions from the taxman are also referred to as 'tax relief' - they depend on your individual circumstances and may change in the future.
Let's look at an example for someone who pays basic rate tax.
Tax relief depends on individual circumstances and may change in the future.
You can make single contributions into your plan at any time. So if you find yourself with spare cash, you could add it into your plan.
You can transfer retirement savings from other pension plans. This could make it easier for you to keep track of them.
Transfer payments don't receive tax relief. Transferring may not be in your best interests as you could lose valuable benefits which can't be replaced. You should speak to a financial adviser before you make a decision.
You should review your contributions regularly to make sure you stay on track for the retirement you want. If you can afford it, you might want to think about increasing your contributions.
You should speak to your employer before making any changes to your regular contributions. They'll tell you what changes you can make and when you can make them.
The government has set limits to do with pension contributions and taking your retirement savings.
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