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.
We’re busy working on a new improved pension, which we’re aiming to launch later this year. For now, that means we've stopped taking new applications.
If you're looking for a new pension, please leave some details and we'll be in touch to let you know when our new pension is available.
You can use the MoneyHelper 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, although this will rise in the future.
If you stop or reduce your payments you will reduce the amount you get back from your pension.
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.
MoneyHelper: check your pension progressLink opens in a new window
From two to five years out, start thinking about your options and planning for the choices you'll need to make.
You can use the government-backed site, MoneyHelper to do your research in the run-up to your retirement.
To receive free, impartial guidance about your pension options, go to moneyhelper.org.uk/pension-wise or call 0800 138 3944.