Paying into a pension
With a pension you don't just need to decide how much to pay in each month, you should also give some thought to increasing your contributions too.
If you are eligible to join PensionSaver, you can use Fidelity's myPlan to give you a quick and general indication of the level of retirement savings you will need to continue your current lifestyle in retirement.
Once you've joined a pension plan you should receive a statement each year showing what you've paid in and the current position of your pension savings. You may also receive a projection of the income you are likely to get when you retire. You might also be able to keep track of your pension using an online account.
You can use your statement or online account as a means of keeping track of your pension investment.
If you join the company plan, the company will also be paying into your pension.
Top tips
- Try to maximise the company contribution wherever possible.
- Try to increase the amount or percentage you pay into your pension each year to coincide with a salary rise.
- You will get a higher contribution from the company, the more you pay into PensionSaver and the longer you have been working for the company.