Skip to main content

TPT Retirement Solutions
Save – Starting your pensions journey

Match your future ambitions

So you’ve started saving into your TPT pension. Now what? The amount you pay into your pension is key – the more you pay in now, the more you’ll have to enjoy when you come to take your pension savings.

Young Woman smiling

How much should I save?

Typically, once you've been auto enrolled into a workplace pension, you'll contribute an amount equal to 8% of your earnings. Your employer must contribute at least 3% of this, with the remaining 5% coming from you.

You can also choose to pay more than the minimum if you want to. Remember – you're saving for the long term, so a little now is better than nothing at all.

Some employers will increase their contribution to your pension if you increase yours - make sure to check if this is something your employer offers so you can be sure you are getting the most from your pension.

Am I on track?

It’s good to have an idea about what you want to do in your retirement, so you have a better idea of how much you might need to save to make that happen.

The Retirement Living Standards have been developed by the Pensions and Lifetime Savings Association (PLSA). They're a useful way to help you picture what kind of lifestyle you want to have when you retire and give you an idea of much it might cost you, so you can plan how much you'll need to save.

Couple Planning For Future

  • How do pension investments work?

    Your TPT pension savings are invested in the stock market, in a range of assets or holdings that our fund managers believe will provide good returns, such as company shares, bonds and property.

    When you’re first enrolled with TPT, your pension contributions will be automatically invested in one of our default investment options, which are called Target Date Funds (TDFs).

    In the earlier stages of your pension savings journey, with a TDF, your money is invested in higher risk assets, to give it the best potential to grow. As you get nearer to your target retirement age, your money is moved into more cautious assets, to protect the value of your pension pot from any sudden falls in the stock market in the run up to your retirement.

    If you want to take a more hands-on approach, or have particular religious or ethical beliefs that need to be considered, you can instead choose to invest your pension savings in a range of self-select funds.

    More about investments

Related articles

  • Young Man Looking At Computer

    02/Nov/2023

    Financial wellbeing during the cost-of-living crisis

    The high cost of essentials like energy, food and petrol means that many household are still feeling the pinch and looking for ways to balance their budgets. Here are some tips and resources to help reduce costs during this difficult time.
  • Older Man Relaxing On Sofa

    02/Nov/2023

    What is the Pension Wise guidance service and how can it help me?

    As you approach retirement, there are a lot of things to consider. Thankfully, the Government offers a great free service called Pension Wise that can take you through your options and help you make the right decisions.
  • Middle Aged Couple Laughing

    02/Nov/2023

    Triple lock and the state pension rise

    The state pension is expected to rise in April next year, following an almost record-breaking growth in average annual earnings of 8.5%. And it’s all down to the ‘triple lock’. But what is this and what does it mean for your pension?
  • Young man smiling

    30/Oct/2023

    Auto enrolment explained

    If you have just started a new job you may have found yourself auto-enrolled into their workplace pension scheme. But what exactly is auto enrolment, and what does it mean to you?