It pays to know your pension
Getting to know your pension better can help make it easier to plan for your future. We’ll show you how to check your pension, understand what you have and how to make changes. We also answer some of the most commonly asked questions.
TAX YEAR END AND HELP TO UNDERSTAND INVESTMENTS
Tax Year End
If you’re looking to make the most of your finances and reduce your tax bill for 2023 / 2024 we can help you but you’ll need to act quickly as any changes need to be done by 5th April 2024.
Understanding investments
If you want to learn a bit more about investing and keep up to date with the latest investment trends, we're here to help with useful information and thoughts from our experts.
Check your pension
Whether your pension is with us or another pension provider, we explain how to check your pension, what to do next and show you how your pension compares in our Pension Mirror.
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Have a pension with another provider?
If your pension is with another provider:
- Check their website for details on how to check your pension.
- If you are unsure who your provider is, ask your employer.
- Visit your providers website to check how to get set up.
Locate your annual benefit statement as this will contain the information you need to register for your providers online services.
Have a pension with us?
If you have a Scottish Widows workplace pension, download our app to check your pension.
For all other Scottish Widows customers, you can check your pension via our Online Services.
See how your pension compares in our pension mirror
First we’ll guess your age, then we'll show you what people the same age have saved in their pension. Having something to compare yourself too is a great first step in checking whether your pension is on track.
Manage your pension
Getting to know your pension helps puts you in control of your money. See what you could do with your pension right now from tracing past pensions to making your money easier to manage.
Combine your pensions
If you have more than one pension then combining them into one pension pot could save you time, money and make things easier to manage.
It pays to know your pension
We partnered with YouGov and found a statistically significant difference in retirement age between the people who regularly checked their pensions and those who didn’t.
Our pension expert Robert explains this in more detail and how actively managing your pension helps give you a better chance of achieving your retirement goals.
Our helpful checklist highlights key points to check
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Knowing what you contribute now, what it’s worth and what it might be worth in the future can help you check if you’re on track for the retirement age you want. Find out more about retirement and try our calculators to give you an idea of how much you might need in retirement.
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It’s good to understand where the money you save into your pension is invested. We have lots of useful content to help if you want to learn a bit more about investing.
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This information should be on your annual benefit statement but if you're unsure you can speak with your employer. They will be able to confirm how much they take from your salary each month along with the amount they contribute on your behalf. It’s worth remembering you’ll also receive tax relief on the payment you make, up to the limits set by the Government.
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It’s easy to lose track of your pension so it’s really important to keep on top of simple pension admin, like nominating beneficiaries (who you’d like your money to be left to) and making sure your contact details are up-to-date.
If you’re a Scottish Widows customer you can do this via our online services. If not you can check with your provider.
Your financial planning questions answered
Your pension questions
Your investment questions
What is stock market volatility?
Watch our short video to learn more about what makes investment values go up and down. We’ll explain why stock market volatility is normal, and how long term investing works.
Exploring investments
We’re here to help you understand how your pension’s invested and have lots of useful information and views from our experts to get you started.
Your protection questions
What is critical illness cover?
How long do I need life insurance for?
How will my family be looked after financially if I get ill and stop working, or die?
USEFUL LINKS
If you haven't found what you’re looking for, these free resources can also help with your questions
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