Boosting your pension
Providing more pension for yourself
If you think that your income when you retire may not be enough, it is
often better to do something about it sooner rather than later. This is
particularly important if you would like to be able to retire early. Small
regular payments from an early age may be less painful than trying to boost
a small pension just a few years away from retirement. Under the different
Civil Service schemes, you have a number of options.
Options for members of classic, classic plus and premium
Options for members of nuvos
Options for those with a partnership pension account
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You can increase the level of your regular monthly contributions whenever
you like with 3 months’ notice. There is no limit to the amount you can
contribute to your partnership pension account. You can use the
ready reckoner to find out how the total amount that will be paid
into your account varies for different ages, pensionable earnings and
contribution levels.
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You can also make extra contributions whenever you like during the year,
but your employer will not pay matching contributions. The best way of
making extra contributions is to send a cheque to your provider.
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You can invest in a stakeholder pension and can contribute up to 100% of
your taxable earnings or £3,600 whichever is the higher to a stakeholder
pension
Other options
Of course, there are many other savings options open to you. For example,
there are ISAs (individual savings accounts) where holders can access their
money before they retire if they need to. In addition, many people see
buying their family home as an investment for the future. For advice and an
opportunity to discuss your retirement planning, consider seeing an
Independent Financial Adviser.
Find out more
For more information, see the following scheme booklets:
