
Pay your pension some attention
Pay your pension some attention
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 to approach retirement. However, only one in five savers are confident they are saving enough for retirement.
Our HL Know Your Pension checklist can help you with ways to be on top of your pension and see how much your pension might be on track to pay. Easy-to-use online tools and calculators can help you plan better for your retirement. For those looking to maximise their pension savings, our pension essentials and FAQs could help you get the information you need.
Important information: This page is to help you know more about pensions and is not personal advice. If you're not sure what's best for your situation, you should seek financial advice. Money in a pension is not usually accessible until age 55 (57 from 2028). Investments rise and fall in value, so you could get back less than you invest.
Know Your Pension checklist
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Find out how big your pension pot is
Check in with your pension and your provider at least once a year to see if you're on track for retirement. If your pension is a defined contribution scheme, your provider will normally send you a statement telling you about your pot once a year. If you have a final salary or career average pension and your provider doesn't give you a statement, you have the right to ask for one.
Not sure where to find old pensions? You can use the government’s Pension Tracing Service to track them down.

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Check on your current contributions
It's good to check exactly how much is going into your pension and if it's on track for your retirement.
When checking the size of your pension, also make a note of how much you're paying in and how much your employer pays. Find out what your company contributes and think about making the most of it.
If you are approaching retirement, consider checking in on your State Pension to work out how much income you're going to need. For a comfortable living standard in retirement, it is important to save into a workplace or private pension alongside anything the state offers.
Consider paying in more if you can afford it and you are within your pension allowances. Even a little bit extra can add up to a lot over time.
Remember, money in a pension is not usually accessible until age 55 (rising to 58 in 2028).

Pension calculator
Find out if you're on track to get the income you want in retirement.
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Review your investments
Look at how your investments are performing and if they still match your risk appetite and how long you have to invest. You can ask your pension company for a fund factsheet, where you should be able to identify the performance of your investments.
If you choose to invest in the HL SIPP (Self-Invested Personal Pension), you can choose from over 3000 funds, shares, investment trusts and more to build your own portfolio.
Remember all investments can go down as well as up in value so you could get back less than you invest. If you're not sure if an investment is right for you, you should take financial advice.
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Nominate a beneficiary
Your pension is a valuable asset, and the money does not disappear once you die. So, nominating a beneficiary or beneficiaries is incredibly important as it gives the pension provider/trustees an indication of where you'd like the money to go when you die. Whilst this nomination isn't legally binding, the pension provider/trustees must take it into account when considering to whom the money is given.

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Consider bringing your old pensions together
It's important to know how many pensions you have, how they work (including your options at retirement) and what level of service you're getting in exchange for the fees you're paying. If you're less than satisfied, you might consider transferring to a new pension plan like the HL SIPP.
Bringing old pensions together makes it easier to see exactly how your investments are performing, and if you're still on track to reach your retirement goals.
Before transferring, check you won't lose any valuable benefits or have to pay high exit fees. Pensions are usually transferred as cash so you'll miss any market rises or falls for a period.

Join over 440,000 clients already using the HL SIPP
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Invest where and how you want to
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How much do I need to retire?
We take a look at three national income targets which could help you decide how much money you need to retire.

How much should I pay into my pension?
Here we explore what to consider when deciding how much to contribute, and why it pays to start early.


Discover the HL SIPP
Learn more about the HL Self-Invested Personal Pension and why it might be right for you.

Explore your pension options
Discover the three main options you have when you come to access your pension pot.

Guide to transferring a pension
Read more about transferring at your own leisure.
FAQs
SIPP basics
Opening an HL SIPP
Transferring to an HL SIPP
Guidance, help and advice

Guidance from Money Helper
If you want to make your money and pension choices clearer, get government-backed, impartial guidance from Money Helper.

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
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Saturday: 9.30am - 12.30pm

Financial Advice from HL
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
Financial Advice from HL
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