Pensions
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.
The HL Self-Invested Personal Pension (SIPP)
Take control of your retirement savings with the award-winning HL SIPP.
Peace of mind - We're the UK’s number 1 platform for investments and savings, trusted by over 2 million clients. We have over 45 years' experience in empowering people to save and invest for a brighter future and have won over 200 awards, including Best Buy Pension 2026 by Boring Money Awards.
Great value for money - The latest news, research and insight from our team of experts.
Invest how and where you want to - Pick your own investments, select our Ready-Made Pension Plan, 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.
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.
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.