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, your investments may no longer be in line with your retirement plans.
The Plan’s normal retirement age is 62, but members of the Money Purchase 2003 (MP03) and Auto Enrolment (AE) Sections and Defined Benefit members with additional voluntary contributions (AVCs) 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 are not intending you retire.
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 means that your investments may no longer be in line with your retirement plans. 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 to 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.
