Pensions and retirement

Pensions are one of the most simple and tax-efficient ways to save for retirement. And getting your head round them doesn’t have to be taxing.

The golden rule with pensions is to invest the most you can afford. And to start saving as early as you can. Don’t forget that when you put money into your pension, the government gives you tax relief on your contributions. And your pot can be topped up by your employer too – at no cost to you.

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We're busy working on a new improved pension. For now, that means we've stopped taking new applications. If you're an existing customer, we've written to you about the improvements we're making to your pension. Find out more about your pension here

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Estimate what you need to save for your retirement

You can use the Money Advice Service pension calculator to estimate how much you need to be saving each month to generate your target retirement income.

You can stop, start, increase or decrease your Virgin Pension payments whenever you want to.

Please bear in mind, the value of your investment can go down as well as up and you may get back less than you invest.

Tax benefits and tax rules depend on individual circumstances and may change in the future. The earliest you can normally take your pension savings is your 55th birthday.

If you stop or reduce your payments you will reduce the amount you get back from your pension.

Check the progress of your pension and retirement savings

To make sure you're on track to meet your retirement goals, it's important to review your pension savings and estimate the income they're likely to generate in retirement. If there's a shortfall in your savings, the earlier you spot it the easier it will be to remedy.

With a Virgin Money Pension you'll get statements twice a year showing the value of your pension and you can keep track of your pension 24/7 online, or by phone.

Money Advice Service: check your pension progressLink opens in a new window 

Virgin Money Pension Online Service 

It pays to be prepared as retirement nears

From two to five years out, start thinking about your options and planning for the choices you'll need to make.

You can use Government-backed sites like the Money Advice Service and Pension Wise to do your research in the run-up to your retirement.

More about Pension Wise, the Government's free and impartial guidance service:

  • The Government has removed restrictions on what you can do with your pension savings. This means you can choose the option that’s right for you.
  • Pension Wise is a Government service that offers people approaching retirement free, impartial guidance about their choices. You can receive Pension Wise guidance online, over the phone or face to face.
  • Pension Wise provides tailored guidance to explain what options you have to help you think about how to make best use of your pension savings. They offer information about the tax implications of different options and other important things you should think about, as well as tips on how to get the best deal, including how to shop around.
  • Pension Wise can help you make the decision that is right for you.

To receive free, impartial guidance from the Government, go to www.pensionwise.gov.uk or call 0800 138 3944.