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ETFs · Index funds · Workplace funds · Stocks · Mana Credit · Compare halal products ↗ · Terms · PrivacyRetirement 101
If you’re in your 40s or 50s with little or no pension saved, this feels terrifying. But there’s still time, and the steps are simpler than you think.
The UK State Pension is currently around £11,500/year. If that’s your only income in retirement, it’s not enough for most people. You need a personal pension or a portfolio of investments on top of it.
The good news: starting at 50 with aggressive monthly investing can still produce a meaningful pension pot by 67. Especially if you have any workplace pension contributions you haven’t checked recently.
The first thing to do is check what you already have.
State Pension
Check your National Insurance record at gov.uk/check-state-pension. You need 35 qualifying years for the full pension. If you have gaps, you can sometimes pay to fill them, and it can be very cost-effective.
→ Check at gov.uk
Old workplace pensions
Most people have pension pots from old employers they've forgotten about. Use the government's Pension Tracing Service to find them all.
→ Trace at pension-tracing.service.gov.uk
Current employer pension
If you're employed, your employer must enrol you in a workplace pension. Check what they're contributing: this is free money. If you can increase your own contribution, do it.
→ Check your payslip
A Self-Invested Personal Pension (SIPP) is a pension account you control. Unlike a workplace pension managed by someone else, a SIPP lets you choose your own investments, including halal ETFs.
Tax relief: the biggest advantage of a pension
For every £100 you put into a SIPP, the government adds £25 (20% tax relief). Higher rate taxpayers get even more. This is essentially an immediate 25% return on your investment before the market does anything.
Hargreaves Lansdown SIPP
UK's largest SIPP provider. Good range of halal ETFs including ISWD.
InvestEngine SIPP
No annual fee for DIY investors. ETF-focused, good for halal investing.
Vanguard SIPP
Very low fees. Limited to Vanguard funds, so check halal options are available.
Assumes 8.5% average annual growth. Illustrative only.
50
17 years until retirement (67)
£200
+25% tax relief = actually £250/mo invested
You contribute
£40,800
Growth adds
+£50,770
Pension pot at 67
£91,570
Does not include the 25% tax relief boost, which would increase the final amount. Does not include the State Pension.
A common rule of thumb: at retirement, you can safely withdraw 4% of your portfolio per year without running out of money. This is called the 4% rule (or safe withdrawal rate).
| Annual income needed | Portfolio target |
|---|---|
| £15,000/yr | £375,000 |
| £20,000/yr | £500,000 |
| £25,000/yr | £625,000 |
| £30,000/yr | £750,000 |
These are in addition to the State Pension (~£11,500/yr). Adjust accordingly.