It’s really important to keep a regular eye on your savings pot. Part of keeping track of how your savings are doing is checking how much you and your employer are paying into the Scheme each month and considering whether you are able to pay a little bit more.
It’s useful to get into a regular habit of checking your payments to your TPT pension savings pot, even if you’re not in a position to make any changes. But there are some other key moments, when your circumstances change, that are often a good opportunity to review what you’re paying in. For instance:
can you afford to pay a little bit more into your TPT savings as a result? A pay rise can often be a good time to think about paying more in without seeing a significant impact on your take-home pay.
marriage and divorce can have an impact on finances, and it’s important to make sure you’re factoring this into your savings too. You can increase or decrease your payments if you need to.
anything from a new baby, to getting a mortgage, to the death of a loved one, can significantly change your financial situation. Make sure you take some time to review your payments then, as well.
Pension savings are seen as a long-term investment, so reviewing your contributions isn’t always about paying more – sometimes it’s about seeing if you can continue to pay something, so that you’re able to continue building up money for your future, while you prioritise other important things.
The short answer to this is that it’s different for everyone, because it’s all about affordability. However, here are some tips to help you think about what you can afford, and what you might need in the future.
If you want to change how much you’re paying into the Scheme, you can log into your Retirement Savings Account and make any changes there. Once you have logged in, you will see a direct link on the My Pension tile.
If you haven’t registered to review your account online, it’s a good idea to do that as soon as you can – it’s an easy and flexible way to manage your retirement savings, and make changes when you need to, no matter where you are. Register here.
Remember: When you’re reviewing your contribution levels, it’s important to bear in mind the limits set by the Government. You can find out more about those here.
You may want to consider getting financial advice to help you review your savings plans to make sure you’re on track for the kind of lifestyle you hope for when you retire. Find out more here.
If you haven't registered for your Retirement Savings Account yet, click here to find out how you can do it