We want you to get the most out of your pension savings so that you achieve the future you want. So as part of Pensions Awareness Week (31 October – 4 November), we’re helping you to get to know your pension.
We know pensions can be a little complicated, but we’re here to help guide you along the way.
You’re in a defined contribution (DC) pension scheme. This means that every month you and your employer pay money into a pension pot during your time with them, building up savings that you can use in later life.
Your contributions are then invested with the aim of growing your money until you decide to take your pension savings.
Your next steps:
Unless you prefer to be more involved in the way your savings are invested, and have chosen one of our self-select funds, your savings will be in one of our Target Date Funds (TDFs). In a TDF, the way your money is invested changes over time, so that your savings are in the best possible place when it’s your time to take them.
In our TDF’s, your savings are invested with the aim of growing them over time. Your TPT pension savings are invested in different companies, properties, government bonds and things like windfarms and farmland. We have a specialist investment team that aims to make your savings work hard, so that you’re getting the best results.
Oh, and we’re responsible investors too, which means we think about important things like climate change and modern slavery when we’re managing your money.
Your next steps:
A new job often means a new pension, which means you might have a few pension pots dotted around from previous job roles. It might be worth thinking about combining your different pensions in one place so they’re easier to keep track of.
Your next steps:
If it’s something you’re interested in, weigh your options up and see if it’s right for you. Remember – there’s no right or wrong, only what works best for you. Here’s more information about combining pensions, with a list of the essential questions you’ll need to ask yourself.
You can keep track of your pension, make changes to how much you’re paying in and update your personal details all through your Retirement Savings Account (you’ll need to register if you haven’t already).
Keeping track of your pension can help you stay on track with your saving goals.
If you’d like to learn more about your pension, you can sign up to watch a range of free online shows running throughout Pension Awareness Week. From 31 October to 4 November, you’ll be able to watch shows on key topics like combining your pensions to finding lost pensions. Sign up here.