1. You and/or someone else (for example, your employer, spouse, parents, etc) pays into your pension
2. You receive tax relief on personal contributions (based on relevant earnings and eligibility)
3. Ideally, your pension pot grows as you contribute and the value of your investment increases. As with all investing, there is a risk that your investments can fall.
4. From the age of 55 (rising to 57 from April 2028) you can access your pension. At this point you can usually take 25% tax free. You can then decide what you want to do with the rest, whether to start drawing an income, or continue paying in. Please be aware of the Money Purchase Annual Allowance once you have taken income.

The amount of money you’ll need from your pension depends on various factors, including:

• When you want to start using your pension
• Any other sources of income you’ll have
• The lifestyle you’d like at retirement and how much you expect to spend.

To work out how much money you’ll have when you reach retirement, you should consider:

• How much you’re currently saving
• How long until you retire
• How your pension is performing
• The impact of any pension charges.

In general, the sooner you start saving and the more you pay in, the more savings you could have in retirement.

Are you on track when it comes to saving for your retirement? If you aren’t sure, why not check out the Money Advice Services calculator here.

Start by completing our online pension questionnaire. We will tailor your documentation and send it out to you. In the meantime, should you have any questions, please do not hesitate to contact one of our experienced and helpful members of staff on 020 7384 7300, who will be more than happy to help.

The award-winning VT Chelsea Managed Funds – The VT Chelsea Managed funds offer a complete investment solution. You can choose from one of the four managed funds, based on your requirements and attitudes to risk. Find out more here.

Build a Portfolio – If you are interested in building your own portfolio, why not head over to our Research Hub or read our Build a Portfolio guide. Alternatively, you can also use our Viewpoint or Fund Review to help you make an informed decision.

Once you know where you want to invest, there are a number of ways you can invest:

• Log in to your account and process your instructions yourself
• Call us on 020 7384 7300 and our helpful staff will assist you

Complete an application form and forward it to us at:

Chelsea Financial Services, St James Hall, Moore Park Road, London, SW6 2JS

Before investing, you should ensure that you have read the key investor documents of the fund(s) you want to invest in to, the pre-sale illustration(s) and the relevant terms and conditions. More details can be found on our dedicated disclosures page.

Read our article on whether or not your retirement plan is fit for your future needs. It’s never too late to start saving.