It pays to save
Time element
The sooner you start to save, the more time you’ll have to build up your pension pot because your money will have more time to grow.
It’s a good idea to get into a saving habit before you have other responsibilities like mortgage payments, supporting a family or starting your own business for example.
You can start a regular savings pattern with a small amount and then gradually build up the amount when you are able to.
Our Retirement Contributions calculator can show you how much your monthly contributions could add up to in retirement. The figures are only a guide based on the details you enter.
The value of your investment can go down as well as up so you might not get back the amount you put in.
Tax relief
When you contribute into a pension, you’ll receive tax relief on each payment, up to a certain limit.
Tax rules can change and the impact of taxation (and any tax relief) depends on your circumstances and may be subject to change in the future.
Take advantage of employer contributions
Your employer must offer a workplace pension and automatically enroll eligible employees in it. This will help you save for your retirement. If you haven’t yet been enrolled in a scheme or offered one, you should speak to your employer to find out why.
Combine your existing pensions
Over the years many of us build up a number of pension pots with different employers and providers. And although sometimes having lots of different pension pots invested might be good news for your money, it might also make keeping track of things a bit tricky.
It may be beneficial to consolidate your pension pots as you could benefit from economies of scale & fund size discounts.
There’s lots of things to consider when thinking about combining your pension and we’ve pulled together some useful information about combining your pension pots.
You may lose valuable guarantees on your existing arrangements if you move your pension pot.
We strongly recommend you get financial advice to ensure combining is right for you.
Start your journey
Prudential Retirement Account is a Self-invested personal pension plan designed to give you access to all retirement options and offers a wide range of investments. You can’t take this out directly, and will need to go through a financial adviser to see if this is right for you.
We always recommend you seek financial advice before making any decisions about your retirement options. If you don’t have an adviser, you can find one at unbiased.co.uk.
Watch out for scams
Keeping your personal information secure and protecting you from scammers is really important to us.
Find out more about how you can keep your personal information and your money safe.
Keep track of your pension online
If you're an existing customer, your online service allows you to manage your pension whenever you like. Registering also means going paperless. So as well as being able to view important documents like your annual statement, change your personal details and contact us securely, you'll be helping the environment.
Need more help?
We know there’s a lot to consider when planning for retirement, and it can be tricky to know where to start. To help you understand all your retirement options, we recommend speaking to your adviser or getting guidance.
Find a financial adviser
Find an independent financial adviser in your area to help you in your future pension planning.
Visit www.unbiased.co.uk and enter your postcode.
HMRC
Visit hmrc.gov.uk to find out more information on tax rules and legislation which may affect you and your pension plans.
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"Prudential" is a trading name of Prudential Distribution Limited. Prudential Distribution Limited is registered in Scotland. Registered Office at 5 Central Way, Kildean Business Park, Stirling, FK8 1FT. Registered number SC212640. Authorised and regulated by the Financial Conduct Authority. Prudential Distribution Limited is part of the same corporate group as the Prudential Assurance Company Limited. The Prudential Assurance Company Limited and Prudential Distribution Limited are direct/indirect subsidiaries of M&G plc which is a holding company registered in England and Wales with registered number 11444019 and registered office at 10 Fenchurch Avenue, London EC3M 5AG, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority. These companies are not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in the United Kingdom.