Can I top up my Personal Pension?

I’m planning to retire in a few years time and was wondering if it’s possible for me to top up my pension beforehand with extra contributions.

Question asked by Ram Cruz
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Answered by Andrew Jenkinson

If you belong to your employer’s pension scheme, then they will generally set the amount you are able to pay into your plan.

If you can afford to make additional contributions and you haven’t reached the limit you can pay in, then you should consider doing this, especially if your employer offers a ‘matched contribution’ pension arrangement,  and so they will also pay the same amount you do on your behalf.

Topping up your State Pension

It is also possible to top up your State pension. If you haven’t made enough National Insurance Contributions (NICs) to qualify for the full State pension, you may be able to make voluntary contributions to fill any gaps.  You must usually make any top up payments within six years of missing the original payment.

If you aren’t sure whether you’ve made enough contributions to get the full state pension, you should request a state pension statement which will tell you how much you can expect to receive.

Topping up your Private Pension or Employer Scheme

If you have a private or company pension and are wondering if it makes sense to make an additional top-up and would like some advice please contact us.

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This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
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