It is important that you take action if you are not planning on taking your benefits at your selected retirement age. If you do not change your selected retirement age, you may lose out on significant investment returns.
The Plan’s normal retirement age is 62, but members of the Money Purchase 2003 (MP03) and Auto Enrolment (AE) Sections can choose a different retirement date between the ages of 55* and 75. Your selected retirement age will affect your investments, your retirement projections on your benefit statement and also when you will receive automated retirement information.
It is important that you check your investments regularly to ensure that they remain appropriate for your retirement planning.
We will send you a letter 6 months before your selected retirement age explaining your options. The letter will encourage you to select a new retirement age using the selected retirement age form on the website.
If you do not select a new retirement age, Aviva will change your retirement age to 74, however your investments will not be changed in line with this default retirement age and will remain at the end of consolidation phase† of your chosen lifecycle. This may mean that you miss out on investment growth. You can read more about the investment options available in the Plan on our website.
*57 from April 2028
†The consolidation phase is the automatic process of moving your pension savings from higher-risk growth investments into steadier, lower risk funds designed for the retirement outcome you are targeting (annuity, drawdown, or cash) to help protect your pension pot as you get nearer to retirement.
At the end of the consolidation phase your investments will be held in a mix of lower-risk funds which means that there is less opportunity for growth and return on your investments.
