Important information - A pension is meant for your retirement, so you can’t normally access your money until you’re 55 (57 from 2028). Pension and tax rules can change and tax relief depends on your circumstances. This information is not personal advice. Investments go down in value as well as up so you could get back less than you invest. If you’re not sure which investments are right for you, we can put you in touch with one of our financial advisers.
What is a pension?
A pension is a long-term investment plan that you (and often your employer) pay into for later life.
It's there to help provide you with an income to live off when you retire or decide to work less. It also offers favourable tax treatment compared to some other ways of saving.
HL READY-MADE PENSION PLAN
A new investment solution which will make starting a pension even easier.
HL READY-MADE PENSION PLAN
Don't know where to invest your pension? We’ve got a new investment solution which could help.
Know your pension
Your pension is there to help you make the most of your retirement. The better you know your pension, the more confident you'll be that you're saving enough for your future.
Our checklist can help you with ways to be on top of your pension, it's full of easy-to-use online tools and calculators.
The HL Self-Invested Personal Pension (SIPP)
Take control of your retirement savings with the award-winning HL SIPP.
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Peace of mind
We're a financially secure FTSE 100 company, trusted by over 1.7 million clients. With over 40 years experience in empowering people to save and invest for a brighter future. And have won over 200 awards, including Best Buy Pension 2023 by Boring Money Awards. -
Great value for money
The latest news, research and insight from our team of experts.
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Invest how and where you want to
Pick from a wide choice of investments, or pay a financial adviser to choose investments for you. -
Flexibility at retirement
With the HL SIPP, you're free to choose from all the main retirement options.
Combining your pensions
It’s important that you’re in control of your pension savings - particularly as you approach retirement. Depending on your needs and the kind of pension you have, it could make sense to consolidate and transfer to one easy-to-manage account, like your HL SIPP.
It’s important that you’re in control of your pension savings - particularly as you approach retirement. Depending on your needs and the kind of pension you have, it could make sense to consolidate and transfer to one easy-to-manage account.
How much should I pay into my pension?
If you're a UK resident under 75, you can usually pay in as much as you earn, up to £60,000 a year, and get tax relief. You may be able to pay in more than £60,000 if you have unused allowance from previous years.
If you don't have any earnings, you can still pay in up to £3,600 a year and receive tax relief.
Remember, tax rules change and benefits depend on individual circumstances.
Is your pension on track?
Use our pension calculator to discover how much your pension might pay.
New pension rules explained
Discover the generous tax breaks on offer, as some major changes to key pension allowances come into force this tax year.
Pension essentials
Types of pension
There are a number of different pension types in the UK. One way to categorise them is into private pensions, workplace pensions, and the State Pension. The type of pension scheme you have or are eligible for, will depend on your situation.
How to find old pensions
If you’ve moved jobs or changed address, you might have lost pension pots waiting to be found. Find out how to track yours down.
Pensions for children
If you’re looking for a way to help your children or grandchildren financially, paying into a pension can get them off to a great start.
Taking money from your pension
Money in your pension is locked away until you're 55 (57 from 2028). But any time after that, you can start receiving an income, even if you're still working. Explore the main options for accessing a pension, which you can mix and match to achieve a balance of secure and flexible income to suit your lifestyle.
HL Workplace Pension
Added value for your employees
Perfect for employers who want to offer modern and competitive workplace benefits, plus free financial education.
Guidance, help and advice
Guidance from Pension Wise
Pension Wise is a free, impartial government service for anyone aged 50 or over, with a UK based personal or workplace pension.
It can help you understand what type of pension you have, how you can access your savings and the potential tax implications of each option. But it isn’t financial advice.
Have a question?
Our UK-based helpdesk are here for you six days a week. Our friendly and knowledgeable team are ready to answer your questions no matter how big or small.
Call us on 0117 980 9926
Opening hours
Monday - Friday: 8am - 5pm
Saturday: 9.30am - 12.30pm
Alternatively, you can email us.
Retirement Advice from HL
Retirement is a time when you may feel unsure about what to do with your money and need help to make decisions. Our financial advisers can work with you to:
- Plan your personal budget and retirement income strategy
- Make sure your investments match your goals
- Give pension advice, including when and how to take them
Retirement Advice from HL
Retirement is a time when you may feel unsure about what to do with your money and need help to make decisions. Our financial advisers can work with you to:
- Plan your personal budget and retirement income strategy
- Make sure your investments match your goals
- Give pension advice, including when and how to take them