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Pensions

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.

The HL Self-Invested Personal Pension (SIPP)

Take control of your retirement savings with the HL SIPP.

  • Invest how and where you want to
    Pick from a wide choice of investments, or pay a financial adviser to choose investments for you.

  • 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 with confidence.

  • Great value for money
    The latest news, research and insight from our team of experts.

  • 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.

Learn more about transferring

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 £40,000 a year, and get tax relief. You may be able to pay in more than £40,000 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.

More about how much you should pay in

Is your pension on track?

Use our pension calculator to discover how much your pension might pay.

Try the calculator

Pension essentials

What is a pension?

A pension is a long-term investment plan which you typically build up over your working life. It’s there to help provide you with enough income to live off when you retire or decide to work less. It also offers favourable tax treatment compared to other ways of saving.

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.

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.

Discover Junior SIPPs

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.

Learn about your retirement options

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.

More about Pension Wise

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

Discover retirement advice

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

Discover retirement advice