Workplace Pension
Save and invest for your life after work
Important information - A workplace 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 any benefits depend on your circumstances. Investments go down in value as well as up so you could get back less than you invest. This is not personal advice. If you’re not sure which investments are right for you, we can put you in touch with one of our financial advisers.
How to make the most of your workplace pension
Saving for retirement doesn't need to feel overwhelming. Your workplace pension is a pot of money you save into that you can access at retirement.
In the meantime, any money you save into your pension can be invested in lots of small pieces of companies, through what is known as a default fund. You can find out more about how workplace pensions work in the video below.
Building a healthy pension pot will make a significant difference to your retirement when it arrives.
Fortunately, building a healthy pension pot is easier than you might think. And making small changes now could make a big difference to your future.
Watch our short video to help you understand more about workplace pensions, this video looks at the money you could receive in retirement from the state pension, average outgoings and how a workplace pension could help boost your income in retirement.
Please note: This video is not personal advice. All investments and income can fall as well as rise in value, so you could get back less than you invest. If you are unsure of the suitability of an investment or course of action for your circumstances, please seek advice. Past performance should not be seen as a guide to the future.
6 ways to boost your workplace pension
Both you and your employer contribute towards your workplace pension. That means you benefit from their contributions as well as your own.
If you can afford it, paying a little bit extra each month could really add up over time. This means you could have more money when you retire. Or you might be able to stop working sooner.
Plus, if you pay in more your employer might do as well. It's worth finding out what your company contributes and how you can make the most of it.
Remember money in a pension can't be accessed until age 55 (57 from 2028).
It's easy to check in with your workplace pension online, just like you might do with your bank balance.
Registering for online access is easy and quick to do. Don't worry If you've lost your PIN, you can request a new one as part of the process.
Don’t lose track of your previous workplace pensions – consider bringing them together.
Once you’ve signed up for online access, you can transfer online – or request a short form to complete.
Before you transfer a pension, first check you won’t lose valuable guarantees or benefits and that you won’t have to pay excessive exit fees.
Make sure you tell us who will be given your pension when you die. You can do this online through your account.
Log in, select 'Account' settings and then 'Manage SIPP beneficiaries'.
Or if you don't have online access, by completing a short Expression of Wish form.
You can choose loved ones or even a favourite charity as beneficiaries. And you can update it as often as you need. Be aware that your nomination isn’t legally binding, but we will take your wishes into account.
Find out more about what happens to your pension when you die
Checking how your workplace pension is performing is an important part of making sure you are on track for the retirement you want.
The HL app makes it easy to check on your pension pot, make changes and review any other investments on the go.
One of the secrets to growing your pension over time is choosing the right investments. That’s because the better your investments perform, the bigger your pension pot.
You don’t need to be an expert to choose your own investments. We have lots of tools and guides to help beginners make decisions that are right for them.
All investments can fall as well as rise in value so you could get back less than you invest.
Guidance, help and advice
Guidance from MoneyHelper
MoneyHelper provides impartial guidance on a range of pensions and retirement topics.
It’s government-backed and free to use. However it won’t give you personalised recommendations.
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 314 1795.
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