TIPS TO TOP UP PENSION

Stephen Lowe, director at the retirement specialist, Just Group, offers tips for women looking to close the gender pensions gap. To find out where you stand now, request a state pension forecast.

Join your workplace pension scheme:

Workplace pensions are the closest thing to free money because your employer is obliged to pay in too, so do not opt out.

Invest early:

The longer your money is invested, the more time it has to grow.

Use pensions tax relief:

Each £100 of pension savings will cost a basic rate taxpayer £80 or £60 for a higher rate taxpayer. Pension funds roll up free of tax and you can draw 25 per cent as a tax-free lump sum.

Pay in more:

If you get a pay rise, bonus or new job, pay in more.

Have a plan:

Work out how much income you would like in retirement and track your progress towards that goal.

Keep track of all your pensions:

Use the Pension Tracing Service to help.

Claim benefits during career breaks:

Women who give up work to raise children or care for elderly parents may claim National Insurance credits towards their state pension.

Talk to your partner:

If they earn well while you raise children, they should share their pension with you.

Seek advice:

Get free guidance from the governmentbacked Pension Wise service.