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.
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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 2024 retirement report.
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You can use our interactive Meet Your Future Self Tool. This lets you see what you could look like at retirement, what the value of your pension could be and how much you may need to pay in each month.
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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 retirement 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.
RELATED TOOLS
Explore tools to help you take control of your finances,
from cutting down debt to building a monthly budget.
Scottish Widows Tools and Calculators
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