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  1. Investments
  2. Pensions

Your personal pension

Start investing in your retirement with a personal pension.

View - Apply for a pension

Why choose a pension?

Pensions help you save for retirement and secure your future. Your pension pot is invested in a tax-efficient way with the aim of making it grow. Any returns you make are reinvested to help boost the total value even more.

You can pay money in until you're 75 and start withdrawing money when you're 55.

  •  Start saving from only £100 this tax year
  •  Lump sum investment only, regular contributions coming soon
  •  Choose a ready-made fund that best suits you

View - Start your pension

What are the tax benefits?

Personal pensions can help you save for a brighter retirement and include tax relief of up to 20%.

Take advantage of your tax breaks today.

View - Learn about tax relief

Why could a personal pension work for you?

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No investment expertise needed, invest in a personal pension based on your attitude to risk

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Our experts manage your award-winning fund for you

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Easy to set up, easy to use online personal pension account

Personal pension FAQs

Is a personal pension right for you?

A pension is a good way of building up a pot of money to live on in retirement, when you may no longer work. If you can wait until you’re 55 to access your savings and you’re comfortable making your own decisions, a personal pension might work for you.

Your money has time to grow and you can continue to contribute until you’re ready to make a decision about how to use your savings. You could also get 20% tax relief on top of the contributions you make and you may be able to claim more from HMRC. Please see our question ‘how much can I save into a personal pension’ for further information. 

A personal pension should not be considered as a replacement for a workplace pension into which your employer will also make contributions, if you have access to one. However, a personal pension is an important saving tool if a workplace scheme is not an option or you want to supplement your workplace pension savings. For example, if you have maxed out your workplace pension and your employer is no longer matching your contributions, or if you want to consider alternative investment options, a personal pension could help you meet your goals. If you want the option to withdraw your money before you’re 55, an ISA may be a better option.

With all pension schemes, your money is invested. In a personal pension, it’s up to you to decide what funds your pension holds. There are risks associated with investing – the value of your investment(s) could fall as well as rise, so it’s important to make sure you’re comfortable with this possibility. 

What income will I need in retirement?

Our retirement planning tool can help you determine how much to pay into your pension to meet your saving goals, but don’t forget your other savings and investments too.

The size of your final pension pot will depend on how much you pay in and for how long, together with how your chosen investment funds perform and the charges you pay. In general, the sooner you start and the more you pay in, the more savings you could have in retirement.
 
If you’re still not sure how much you’ll need, we recommend seeking financial advice. You can find an adviser by visiting unbiased.co.uk. Advisers usually charge for their services.

Will the state pension be enough for me in retirement?

You’re entitled to a basic state pension if you’ve paid National Insurance contributions during your working life. The size of your state pension depends on how many contributions you’ve made. The maximum entitlement is currently based on contributions of 30 years or more. Relying on the state pension alone (which now pays £168.60 per week) may not allow you to sustain your lifestyle in retirement, so it might be worth exploring additional  savings options, such as a personal pension,  that you can combine with your state pension.

For more information, please visit GOV.UK.

View all FAQs

Helpful articles

The why and the what of personal pensions

Saving for retirement isn’t a nice to have. It’s a need to have.

If you’ve never invested: Investing 101

Put simply, investing is another form of saving.

If you’ve invested before: making the most of investing.

When it comes to money, things can seem complicated.

Please remember the value of your investment and any income from it may fall as well as rise and is not guaranteed. You may get back less than you invest.

*Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with international businesses in the US, Europe, Middle East and Asia. With over £1 trillion in total assets under management at 31 December 2018, we are the UK’s largest investment manager for corporate pension schemes and a UK market leader in pensions de-risking, life insurance, workplace pensions and retirement income. We have also invested over £19 billion in direct investments such as homes, urban regeneration, clean energy and small business finance.