Reviewing your contributions
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.
When to review what you’re paying in
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:
-
If your pay changes at work
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.
-
If your relationship status changes
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.
-
If your life changes
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.
How to decide what to contribute
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.
- Use our Pensions Saving Tool or the online modeller in you online Retirement Savings Account to work out what sort of income you might need in the future. Some estimates say the average required income in retirement is around half your salary. That might not be quite right for you, but working out what you might need can be a good starting point when it comes to working out what you’ll need to pay in to achieve it.
- Check what your employer’s contribution levels are – some employers will pay more in to your pension if you pay in more.
How to change your contributions
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.
Related news & insights
-
Making an impact – understanding our impact investment promises
In July 2022, we began to invest around £75million in ‘impact investments’. This means that, over the next few years, a small proportion of your pension savings will now be invested in funds that drive social and environmental change. -
Introducing the Islamic Global Equity Fund
As you save for retirement, you can invest your money in the things that are important to you – and that may be a better fit with your personal beliefs. As part of this approach, we have launched the TPT Islamic Global Equity Fund. -
The power of your pension: responsible investing
Your pension plays a vital role in funding your future – but it can make the world a better place, too. -
Low-cost days out for summer
As retirement approaches, you may be thinking of ways to slash spending so you can save more into your pension. Once you stop work, you’ll want that pot to stretch as far as it can, too. As the weather gets warmer, here are three great ways to spend less on days out.