We know you want to help your employees plan for their future, and although investments can go down as well as up, small changes now really can make a difference when it comes to retirement. Though it is important to remember that they may not get back what they've put in.
Your employees should regularly review their contributions to help them stay on track for retirement. They can make single contributions into their plans at any time, however the run up to the end of the tax year can be a time when people start to think about this.
Making pension contributions brings an immediate boost in the form of tax relief. Tax relief depends on individual circumstances and may change in the future.
As an employer you’ll want to support your employees as they consider the benefits of making a single contribution. We've got a range of useful materials to help you do this:
Your employees should read through their pension website to make sure it's in their interests to make a single contribution. They should read this information before making a decision and should always seek financial advice if they're unsure.
If your employees don’t already have a financial adviser, they can find one by visiting unbiased.co.uk. Advisers may charge for their services – though they should agree any fees with you upfront.