Building your pension pot

If you’re thinking about building your pension pot, then it makes sense to get a clear idea of what you’ll need to live on in the future and what your income might need to be. 

There are a number of things you need to think about.

How much will you need to live on?

The current full State Pension of £221.20 a week for the tax year 2024/25, may not be enough to cover all your costs for:

• Basics including food and clothing
• Housing
• Essential household maintenance
• Motoring
• Supporting elderly relatives
• Additional luxuries like holidays and dining out

How much is in your pension pot?

• State pension – find out your state pension age at: gov.uk/state-pension-age
• Workplace pensions – you may have several pensions from previous employers. You can find contact details of a workplace pension provider by searching the name of the employer: gov.uk/find-pension-contact-details
• Personal pensions – you may have also been investing in a personal pension. You can contact your provider for an up-to-date statement

Where can you find out more?

• pensionwise.gov.uk
• Call Pensions Wise: 0800 138 3944

Our Financial Advisers can help you work out the level of income your existing plans could deliver and what you need to do to help you get the income you want in retirement.