Take a look at how much you’ve saved so far and track your progress toward retirement. Your pension statement outlines your total contributions, investment growth, and projected retirement income based on your current savings patterns.

Understanding these numbers gives you a clear picture of whether you’re on track to save enough for the retirement lifestyle you want.

Are you paying in enough?

Your statement highlights how much you and your employer are contributing each month. Even small increases in contributions now can make a significant difference over time. Increasing your contributions helps your savings grow over time, potentially boosting your retirement income.

If you’ve worked for multiple employers throughout your career, you might have pension savings you’ve forgotten about.

Finding and consolidating these pensions can make managing your retirement savings easier and more effective. Our tools can help you locate any lost pensions and combine them for a clearer picture of your overall savings.

Your pension statement assumes a retirement age of 65 unless you’ve specified otherwise.

However, your actual plans might differ. If you aim to retire earlier or later, updating your target retirement age means your pension forecasts will be more accurate and your investments match up with your retirement goals. This small step can significantly impact your financial planning.

Your pension statement gives you an estimate of what your retirement savings could be worth based on your current contributions and investment performance. Checking it regularly helps you see if you’re on track – and if the numbers look lower than expected, you might need to increase your contributions or rethink your investment approach.

If you’re enrolled in our Default Investment Strategy, your target retirement age plays a crucial role in how your money is invested. As you approach retirement, investments gradually shift to lower-risk options to protect your savings. But if you want to take a more hands-on approach, you can adjust your strategy based on your own risk tolerance and financial goals.

Pension contributions benefit from tax relief, meaning more of your money is invested in your future. Your pension statement details how much tax relief you’ve received so far. Understanding this benefit can help you make informed decisions about increasing your contributions to take full advantage of tax savings.

Your pension statement is just one piece of the puzzle. Consider other savings and investment opportunities to supplement your retirement income, including ISAs, investment portfolios, and other savings accounts.