Skip to main content

Are you on track?

Put your savings into action

Arrows in a target

Whatever your circumstances, and with automatic enrolment staging taking place until 2018, there are ways for you to save for your retirement by taking small steps now to work out where you are, and where you want to be in the future. As saving for your retirement shouldn't have to affect what's important for you right now.

Kick start your savings

Create an action plan and see if you're on track. Here are some things to consider:

  • How much have you already saved? If you're already making contributions, contact your pension provider to get an up to date value for your pension pot. It's worth keeping a close eye on the value of your pot as the value of pension investments can go down as well as up.
    If you're a Legal & General customer login or register for Manage Your Account to see how your pension is doing. You can also see where your money is invested to make sure it's working hard for you.

  • How much can you afford to pay in regularly? Consider what your expenses are at the moment and figure out how much you can afford to save into your pension.

  • How much will your employer contribute? Following the introduction of automatic enrolment, your employer will normally contribute on your behalf. Speak to them directly or visit your scheme microsite to see what's available to you.

  • When do you want to retire? The age at which you plan to retire may affect how much you need to be saving today. The earlier you plan to give up work the more you'll typically have to save to help cover the cost of a longer retirement. It's worth considering that the more you save, the more tax relief you'll receive. Also, the earlier you start saving, the more time there is for your pot to grow.
  • Get an idea of the kind of income you might have available when you retire. You can use our interactive Retirement Planner to see how much you may have available at retirement based on your current contribution levels and expected retirement date. Try varying the contribution levels and your planned retirement date to see how it could affect how much you have available.

For a more personalised action plan you may wish to speak to a financial adviser. Please note that financial advisers usually charge a fee for their services. Visit Unbiased to find an adviser near you.

If you're nearing retirement, you'll have a number of options open to you. To help you with your retirement planning, we've outlined a number of things you might want to think about now.

Do I have to join my company's pension scheme?

Since 1 October 2012, companies have been auto-enrolling eligible employees to comply with the new government legislation – starting with largest companies first. Employers of all sizes should have followed suit by 2018 so you should have heard from your employer to confirm your eligibility.

You will be automatically enrolled into a workplace scheme but can choose to opt out. It's important to think carefully before opting out, as you may be missing out on benefits, such as contributions from your employer and tax relief. If you do decide to opt out, your employer will be required to automatically re-enrol you three years later if you are still eligible.

Find out more about automatic enrolment and how it will affect you.

Can I cancel my plan?

Once you've joined a pension plan with us, we’ll refund any contribution paid if you opt out within one month of being automatically enrolled. If you haven’t been auto enrolled you'll have 30 days from our receipt of your first contribution to cancel your plan and receive your money back.

After this period HM Revenue & Customs rules state that your money will be tied up in a pension scheme until you take benefits, any time after you reach age 55.

You can stop contributing to the pension scheme at any time. If you do, any contributions you or your employer have already made will remain in your pension pot until you take your benefits on retirement at any time after age 55.

Depending on the type of scheme you belong to and how long you have been a member, you could be entitled to a short service refund of your own contributions if allowed under the rules of the scheme.  Any contributions paid by your employer would be returned to them.  The rules vary depending on the date you joined and a refund may be allowed if:

  • You joined the scheme before October 2015 and left before completing two years’ pensionable service.
  • If you joined the scheme on or after 1 October 2015 and left before completing 30 days pensionable service.

Retirement Planner

See your options in retirement and find out your possible retirement income based on your current savings level.

See if you’re on track to fund the retirement you want.

Useful Links

Your recently viewed items...

You need javascript enabled for us to remember your Recently Viewed Items.

You might also be interested in...

Help and support

Guides, tools and information on your company pension to help you manage your pension and plan for retirement.


Find out more about some of the options available to you at retirement with our annuity solutions.

Understanding your finances

Learn about pensions, investments and managing your money with our fun and interactive Cash Family Challenges.