Have you thought about how much money you will need to live comfortably in later life? Have you got plans to travel or pay off your mortgage? Do you know if you are on track to enjoy the lifestyle you want?
To help you make the most out of your pension savings, you may want to consider the following:
Deciding when to take your benefits?
Defined Benefit (DB) members
Your normal retirement age depends on which section of the Plan you are a member. Please visit the Find out which section you are in page.
Early retirement is generally possible from age 55 subject to company consent. Please note that the government intends to increase the minimum retirement age from 55 to 57 from the 6 April 2028.
In certain circumstances, different rules may apply in your section. Please contact us if this is of interest to you and you would like more information.
If you do not put your pension into payment at your normal retirement age, it will be increased each year when it comes into payment, on the advice of the Plan Actuary, to reflect the later start date.
Defined Contribution (DC) members
The Plan’s normal retirement age is 62, however, if you are a member of the Money Purchase 2003 (MP03) Section or Auto Enrolment (AE) Section, you can choose a different retirement date between the ages of 55 and 74. This can be done by completing a selected retirement age (SRA) form.
It’s good to let us know when you are thinking of retiring because if you are invested in any of the lifecycle options, your SRA will determine when your funds are switched as you get closer to retirement. Visit Making your money grow for more information.
The Aviva’s Shape My Future tool is one option available to help you work out how much you might need in later life, and the difference saving a little extra now could make if you decide this is the right step for you. Click on the link below to find out more:
Did you join before 6 April 2016?
If you were a member of a Defined Benefit (DB) section or the Money Purchase 2003 (MP03) Section, prior to 6 April 2016, you were contracted out of the State Second Pension up to that date. This means that the Plan must provide you with a minimum level of pension benefits known as your safeguarded benefits, which include Reference Scheme Test (RST) benefits and Guaranteed Minimum Pension (GMP).
For more information, please read our Safeguarded benefits (PDF 170KB) leaflet.
Have you maximised your pension savings?
Paying more into the Plan is the best way to increase your pension pot. For further information, visit the Ways you can save more page.
Have you considered your State Pension?
The State Pension is £221.20 a week for the 2024/25 tax year if you have at least 35 years of full National Insurance contributions. However, if you have been ‘contracted out’ of the State Pension at any time, the amount of State Pension you receive may be reduced. You can get an estimate of your State Pension from www.gov.uk/check-state-pension - This link opens in a new browser window
