Understanding your workplace pension

You’ve already logged in to your account — a great start. If you’ve just returned to work after some time away, or adjusted your hours to care for someone, now’s a good time to take a closer look at your plan.

This short guide will walk you through the basics so you can feel more in control of where you stand.

A workplace pension plan can help you save for retirement.

If you’re eligible, your employer will set one up for you automatically. You pay into it — and so do they.

It’s a team effort:

• You contribute a percentage of your earnings.
• Your employer adds their share.
• The government may top it up through tax relief.

The money in your workplace pension is invested into funds. The fund’s performance can potentially help your money grow over the long term.

A pension is an investment. Its value can go down as well as up, and could be worth less than was paid in.

Time away from work or a change in hours can affect how much you and your employer are paying in.

It’s a good idea to stay up to date with your current contributions — you can see these in the app and dashboard in the transactions section.

If you want to check the percentage you’re contributing from your salary, you can usually find this in your HR information or by asking your employer.

Changed jobs along the way? You may have more than one pension from different employers.

Here are some tools to help you track them down:

• Gov.ukLink opens in a new window’s lost pension tracing service
• The Pension Finder tool in our Money Mindset app.

You could also explore combining your pensions, though transferring won't be right for everyone. If you’re unsure, a financial adviser can help.

Curious how today’s choices might shape tomorrow?

The Retirement Income Tool in the Standard Life app or dashboard lets you see how changes to your hours or working pattern could affect your future lifestyle.

It’s a simple way to feel more informed and in control of what’s ahead.