Saving for retirement

Helping you get started with your pension

Saving for retirement

Saving for your retirement can seem complicated with so many different types of pensions and other saving accounts to choose from. We all know that it is best to start early but the choice can be bewildering and too often we leave it for another day. But the earlier you start saving the longer your pension will have to grow - read more on when to start saving for your pension.

A self-invested personal pension or SIPP is a type of pension that allows you to manage and control your savings. You choose how much to save – either monthly or lump sums and both you and your employer can make contributions. You can change how much you save easily so you can be flexible if your other financial commitments change. Just as with other types of pensions you’ll get great tax benefits for saving into a SIPP – for every £4 you save you the Government will add an extra £1 - see contributing to your pension for more details of the annual limits.

A SIPP allows you to choose where to invest your pension savings giving you a wide choice of shares and funds. You can track your investments online and make changes to your portfolio easily. Read more on SIPPs.

Pensions are designed to save for the long term – once you have paid money into your SIPP you cannot normally take it out until you are 55 (57 from 2028). A SIPP is not suitable for everyone - if you don’t want to manage you own investments or invest directly in the stock market you should consider seeking professional financial advice.

A guide to SIPPs

SIPPs give you the freedom to manage your own investments – our guide explains how they can help you achieve retirement goals.