SJP Introduction to pensions
Planning for a long retirement is one of life’s many priorities, and as we are living much longer than previous generations on average, this has become top of the list for many.
This means we are likely to be spending much more of our later life in retirement, with the idea of what retirement looks like for many people continuing to change. So, getting your retirement savings off the ground and starting your pension as early as possible means that you’ll have a better chance of achieving the retirement that you have in mind.
Saving into a pension can be a really smart way to invest in your future. But don’t worry if you’re not sure where to begin. And it’s ok to start small if you need to, and gradually build up your retirement savings over time. Getting started is what’s important.
The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
How do pensions work?
A pension is a long-term saving plan that you build up across your working life in order to create enough income for later life.
They are designed to provide you with money in later life, most often when you are reducing or stopping work. Therefore, you typically can’t access your pension until at least age 55 (rising to 57 in 2028), or sometimes later depending on what pension scheme you have.
Pensions are one of the most tax efficient ways to save for retirement, as you are able to receive tax relief on your contributions. This means the government will add money every time you contribute.
To help you understand the basics of pensions, take a tour through our journey to find out more.
The value of an investment with St. James's Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.
The levels and bases of taxation and reliefs from taxation can change at any time Tax relief is dependent on individual circumstances.
Understanding the basics of pensions
At a different stage of your retirement journey?
The value of an investment with St. James's Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.
The levels and bases of taxation and reliefs from taxation can change at any time Tax relief is dependent on individual circumstances.