Boost your savings
How contributing to your company pension plan can help to boost your retirement income
Did you know that every time you contribute to your company pension plan, the government tops it up by 20%? That makes a company pension plan one of the most tax-efficient ways to save for your retirement. And, if you regularly contribute to your company pension plan, your employer will too, so you can really make your finances go further.
Have a look at how you could increase your contribution
Let’s say you contribute £50 a month and your employer matches your gross contribution. Here’s what you could get:
As you can see, your total monthly contribution more than doubles from £50 to £125 – that’s an extra £75 a month.
And if you contribute a little bit more, here’s how much extra you could save into your plan.
| Monthly payment from you | Tax relief on your contribution | Monthly payment from your employer | Total contributions into your pension plan each month |
|---|---|---|---|
| £100 | £25 | £125 | £250 |
| £150 | £37.50 | £187.50 | £375 |
| £200 | £50 | £250 | £500 |
Joining your company pension plan gives you a boost to your pension savings, helping you put away more towards the retirement you want.
This information is based on AEGON's understanding of current taxation law and HM Revenue & Customs practice, which may change. Please also remember that the amount of tax relief you’ll get depends on your financial circumstances.
Please remember your own circumstances may be different to the examples we’ve given here. The value of your investment may go down as well as up. You may not get back what you originally put in.
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Next steps
If you would like more information you should talk to a financial adviser.
Contact us
Call us on:
0870 60 00 337
If you have a specific question about company or group pensions visit our contact pages.