Understand your pension
Whether this is your first workplace pension, or you've gathered up a few from previous employers, we can help you get to know the basics about your pension. We're here to help you feel more in control of your future.
Do you already have a good understanding of the basics about your pension? If so, visit the Master your pension page instead to take the next steps.
HELPING YOU UNDERSTAND YOUR PENSION
Want to get to know your pension and better understand the basics? We'll explain how your workplace pension works and show you how you can check what you've got, understand whether it's enough and discover what do to next. Let's get started with the basics.
2. IS IT ENOUGH?
Research by the Pensions and Lifetime Savings Association (PLSA*) states that you'd need at least £12,800 to live on each year to cover your basic needs, at least £23.300 a year for a moderate retirement and at least £37.300 a year for a comfortable retirement with greater financial freedoms
Now you know what's in your Scottish Widows pot, you can add up any other pension pots you may have to work out your total pension savings. But when will you actually be able to retire? To help you find out, try our Meet Your Future Self tool.
*PLSA Research 2022
These videos will help you gain a better understanding of pensions
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What happens to my pension when I die?
How does a workplace pension work?
6 tips to make the most of your pension
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