Getting the most from your Pension
Do you want to know how to get the most from your pension?
There are a number of things you can do to improve the performance of your pensions.
Increase your savings
If you have any spare income, then putting it into a pension is an efficient ways of investing it.
Any additional income you put into a pension will be topped up by the taxman. Also if you have access to a workplace scheme that your employer contributes to, then depending on what the scheme rules are: if you increase your contributions your employer may increase theirs as well.
Check you're claiming all your tax relief
If you are a higher rate taxpayer and you're making pension contributions to a personal pension, you will automatically receive the basic rate tax relief on your contribution. But make sure that you claim any higher rate tax on your self-assessment tax return. This additional tax relief can allow you to benefit from even larger pension contributions.
Review how your pension pot is invested
If you have a defined-contribution personal or a workplace pension, then you get a choice in how your pension pot is invested.
This can be choosing from a range of funds offered by your pension provider. There will be different types of assets, which will have varying levels of risks and potential return.
Transferring a personal pension into a SIPP (self-invested personal pension) does let you access a wider range of investment options, but you need to be aware of increased risks and higher charges.
It's a good idea to balance your risks; between potentially higher-growth assets such as stocks and shares and conservatively invested pension savings.
We understand how the different pension investments and can offer you sound financial advice regarding your pension investment.