Taking on your future together
YOUR RETIREMENT JOURNEY
The experts at the Pensions and Lifetime Savings Association have published a set of retirement living standard to help you picture your retirement and what it might cost. They are pitched at three levels, (minimum, moderate and comfortable) based on a basket of goods and services, from food and drink to holidays.
YOUR QUESTIONS ANSWERED
Many employers provide a workplace pension for their staff. Workplace pensions can be a good option as most employers will also make a regular contribution to your pension.
Under automatic enrolment, there is a minimum total contribution that must be paid into your pension. The amount is set by the Government and is made up of your and your employer’s contributions, as well as tax relief on your contribution.
No matter how close you are to retirement, you still have time to boost your pension savings. You can top up your existing pension contribution by paying in a lump sum or increasing your regular contributions. The retirement benefits you receive will depend on a number of factors including the value of your plan when you decide to take your benefits which isn't guaranteed, and can go down as well as up. The value of your plan could fall below the amount(s) paid in.
You can find out more about your investment choices in the Key Documents section of the scheme infosite. You may want to review your current investment choice and be comfortable that these are still aligned to your attitude to risk. If you are still unsure what to do you could speak to a financial adviser to help you. Please note, you’ll need to pay for this.
Retirement calculators help you to understand what each pension option could mean to you. You can also explore how tax will be applied when taking all or some of your money out.