How contributions are made
Regular contributions – the building blocks of your retirement savings
Your retirement savings plan helps you to build up a pot of money that you can use when you retire. Your employer will usually make regular payments into your pot on your behalf. And you, depending on the rules of the Plan, may also make regular contributions to the plan. These will be deducted from your net pay before you receive your pay each month and paid across to your retirement account on your behalf.
Understanding the options you have when it comes to making contributions could help you boost the amount you eventually have in your savings, resulting in a more comfortable retirement.
To see the contribution levels required under your Plan, log in to PlanViewer. Go to ‘Plan information’ and select ‘Forms and documents' and download the Contribution information document.
Important information - The value of investments can go down as well as up, so you may get back less than you invest.
You may be able to boost your retirement savings
Depending on the rules of your Plan, you may have the option to make extra contributions to your retirement account. If you decide to increase your monthly contributions, you may even find that your employer will increase their contributions too.
On top of that, many plans allow members to make single or one-off contributions. So, if you have some money spare – for example, from a work bonus – you may be able pay some or all of it into your savings.
Information about the contribution options available to you can be found on PlanViewer and will explain exactly what options are available through your plan.
Give your savings more time to grow
If you are thinking about increasing the amount going into your savings, it can make sense to start as soon as possible. That way your investments will have more time to grow, and they’ll have more time to benefit from compounding. This is the snowballing effect of growth on the growth you have earned in previous months and years, but remember any growth is not guaranteed.
Should you pay more into your retirement savings?
Use the calculator to see how a small change today can make a big difference to your savings tomorrow.