How to get more money
What if I want more money than my State Pension when I retire?
The State Pension will give you a basic income for when you retire but it's your responsibility to decide on the kind of lifestyle you want when you retire, and what you need to do to achieve it.
In the occupational, personal and stakeholder pension pages you will find information about what is available on top of the State Pension to help you start planning for your retirement now.
There are a number of options you can consider to help increase your income when you retire, including saving in an occupational or personal pension scheme, or working longer.
Private pensions are a long-term investment. This site gives you basic information about the options currently available. For more information to help you decide what’s best for you, you may find it useful to contact the Financial Services Authority (FSA) or the Pensions Advisory Service. Or, you can get advice from an independent financial adviser (but note that you may have to pay for their services).
Phone The Pensions Advisory Service on 0845 601 2923. Lines are open
Monday to Friday 9.00am to 5.00pm. Calls are charged at local rates.
Find out more on
The Pensions Advisory Service website
Phone the FSA on 0845 606 1234 (consumer helpline)
Textphone: 0845 730 0204
Find out more on the Financial Services Authority website
To find an Independent Financial Adviser near you visit the IFA Promotion website
What are the benefits of saving in a private pension scheme?
Private pensions include occupational, personal and stakeholder pensions. There are two main benefits of saving for your retirement in a private pension scheme:
1. You can get tax relief on the money you save in a private pension scheme
2. If you are employed, your employer can choose to help you save more by making an additional contribution to your occupational or group personal pension scheme
Remember
- If you are not working, or if you are self-employed, you can still get tax relief on money you save in a personal or stakeholder pension scheme.
- No financial products, including pensions, are entirely risk-free: the amount of pension you get may depend on how well the scheme’s investments have performed by the time you retire.
Find out more about tax relief in occupational pension schemes