Get more in your pension pot!

2021 is coming to an end

As the uplifting rhythm of Auld Lang Syne swells to serenade the crackles of fireworks, 27% of people in Britain will be making silent personal promises to kick start their New Year.

According to YouGov, between 41-47% of New Years’ resolutions are to improve health and lifestyles: whether it’s by losing weight, eating more nutritious meals, or doing more exercise.

And as many as 31% of us want to save more money in the New Year.

Saving money helps you to bring the future you dream of into reality. And at IMI, we are dedicated to helping you achieve your dreams.

That’s why, from New Years' Day, we will be making a change to your pension contributions.

So what’s changing?

From the 1st of January 2022, IMI will be increasing the amount of money that they will match whenever you contribute to your pension. At the moment, whenever you contribute, IMI will match it up to 6%. But next year, IMI will match your contributions up to 7%. You’ll be able to save more money faster, and will enable you to realise the retirement lifestyle that you dream of. On New Years’ Day, IMI will increase the amount of money you can save every month, bringing the retirement of your dreams into reality.

Maybe, just maybe, you’ll be able to make a resolution that sticks.

What is a pension contribution?

To grow your pension, you first need to put some money into it. This can be done by committing a certain percentage of your pensionable salary (or your pre-tax salary) to your pension. This is called a contribution, and this kind of contribution is called salary sacrifice.

What happens when I contribute?

At the moment, when the time comes for your monthly contribution, IMI match it – but only up to 6%. That means that if you were to contribute 6% of your salary to your pension, IMI would also contribute 6%.

But, if you contributed anything more than 6%, like 8% - IMI’s contribution will still be 6% because it’s capped.

However starting in January, if you were to contribute 7% every month, IMI would be able to match it up to 7%. That way, you’ll be saving a total of 14% of your pensionable salary into your pension every month – which is a really healthy amount to save.