Make your workplace pension work harder

A UK workplace pension usually combines your contribution, an employer contribution and tax relief. Start by checking your payslip and scheme portal: find the percentage you pay, the percentage your employer pays and whether the employer will contribute more if you increase your rate.

Next, look at the default investment fund. A default can be perfectly reasonable, but you should understand its risk level, fees and how it changes as retirement approaches. If you have pensions from previous jobs, locate them before considering consolidation; transferring can lose guarantees or create charges, so compare carefully.

Three useful checks

  • Confirm who is listed to receive benefits if you die.
  • Review the annual statement and the retirement age used in its projection.
  • Raise contributions after a pay increase if your budget allows.

Pension tax treatment and minimum contributions can change. Check current GOV.UK and scheme guidance, or take regulated advice for a personal decision.

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