What pension options do I have?
If you've saved into a defined contribution pension scheme during your working life, you need to decide what to do...

Workplace pension schemes are run by employers. Over time, contributions to your workplace pension scheme make up your pension pot. These contributions come from you (taken directly from your wages) and your employer.
All employers have to offer a pension scheme – this is known as automatic enrolment. They also have to contribute a set amount of your wage to your pension pot.
You’ll be automatically enrolled into a scheme if:
You can opt out of the pension scheme at any time, usually by filling in a form and returning it to your employer or pension provider. If you opt out, your employer will need to re-enrol you every 3 years, you can opt out each time if you'd like. If you can afford to, it’s a good idea to join the scheme.
The government has created automatic enrolment to encourage people to save money for retirement, as the State Pension alone isn't enough for most people to live on.
The minimum contribution is 8%, of which:
You can also make additional payments if you want to.
MoneyHelper's pension calculator can help you work out how much money you'll need in retirement and how much you can expect.
If you change jobs, you have a couple of options. You can:
If you’ve lost track of old pensions or you’re not sure if you were enrolled in an old workplace pension scheme, there are ways you can find them.
In April 2015, the government introduced rules which allow everyone aged 55 and over full access to their pension pot, as well as increased choice over what to do with the money.
When accessing your pot, it's worth thinking about how you'll fund the future of your retirement, and avoid making any hasty decisions that may leave you worse off in the long-term.
MoneyHelper provides a free guidance service, Pension Wise, backed by the government. You can book an appointment to discuss your pension options with a pension specialist.
You can usually choose someone, such as your spouse, a family member or a friend, who'll get your pension pot if you die before reaching your scheme’s pension age. You usually need to choose this person in writing.
If you want to, you can change your nomination later down the line. But it's a good idea to check the rules of your pension scheme when making decisions relating to your pension pot.
Saving into a workplace pension doesn't affect your entitlement to the State Pension because your State Pension is based on your record of National Insurance contributions, which you build up over your working life.
We offer support through our free advice line on 0800 678 1602. Lines are open 8am-7pm, 365 days a year. We also have specialist advisers at over 120 local ͵ÅÄ͵¿ús.
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