Taking on your pension
Getting our pensions in order is something many of us put off for another day. But the sooner you begin, the better the position you'll be in when you retire.
BackChoose a lesson
Get started today – even just half an hour could make a world of difference. Work through the modules one by one, or pick and choose the ones you need.
Pension Basics
1 chapter
What are pensions, how do they work, and what forms do they come in?
Pensions and tax
2 chapters
Putting money into your pension can help you save on tax. Find out how.
Am I on track?
1 chapter
Learn what you'll need to save to prepare for your retirement.
Your pension investments
1 chapter
Why are pensions invested, and where does your money go?
Keeping your pension safe
1 chapter
Learn to spot the signs of a pension scam and keep your money safe.
Combining pensions
1 chapter
Find out how to consolidate your pensions - it could make life easier.
Your pension options
1 chapter
Explore ways you can take your pension savings when you are able to access them.
Frequently asked questions
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Pension transfers (sometimes referred to as pot consolidation) may allow you to combine some or all of your defined contribution pensions in one place. Consolidating your pension means fewer statements to keep an eye on, along with fewer and potentially lower charges.
But there are a number of things to consider before you transfer. You need to be aware of any guarantees or features you may lose if you transfer, and you should also compare the charges and investment range. Your existing provider may apply an exit charge for transferring out or, if you are in with-profits they may apply a 'market value reduction' for leaving early.
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When you start saving for your future it's important to consider how much money you should save. Scottish Widows research recommends that people should be paying a minimum of 15% of their salary into their pension to allow for adequate savings in retirement. Find out more in our latest Retirement Report.
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You can use our Retirement Calculator to help you find out what your income and lifestyle could be in retirement.
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Your pension is likely to be one of your biggest assets so it's no wonder why scammers are often trying different ways to gain access to people's pension savings. There are various tips on how to spot a pension scam and what steps to take in case you are worried you are being targeted.
Retirement Calculator
Provided by Scottish Widows
Our calculator can help you find out what your income and lifestyle could be in retirement.
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