Your pension and the cost of living

08 November 2022

The cost of living is rising due to the increased cost of essentials like food, energy, and housing costs. This makes it a difficult time for managing money but it’s important to keep saving for retirement if you can.

There are many benefits of saving into a pension. It might feel like a low priority at the moment, but saving what you can now could make a big difference in retirement.

Remember: your Atlas pension is a low cost, tax-efficient way of saving for the long term, and the sooner you start, the more time there will be for your savings to potentially increase in value.

If you really feel you cannot afford to save as much as you are currently, you could look at reducing your contribution rates and then increasing them again at a later date. Make sure you check how this affects what your employer pays in too so you can take this into account when making your decision.

Getting help

There are lots of websites you can go to if you’re struggling financially and need some help this winter. Take a look at the links below for more information and consider speaking to someone if you need to.

  • MoneyHelper is a free, independent service provided by the Government. It offers advice about pensions, benefits, savings and more. This page gives advice on how to manage your money in uncertain times.
  • Money Saving Expert gives lots of advice on everything from reducing your bills to finding the best insurance deals and offer this help guide that gives over 90 ways to save.
  • Age UK offers particular help for older people, including benefits you can claim to ease the pressure.
  • Citizens Advice can help you if you’re facing problems such as debt.
  • Help for Households is a new webpage launched by the government which has lots of help and advice, and shares discounts and offers available from retailers and supermarkets.