Are you on track for your retirement?

Beach Huts, Norfolk, England United Kingdom

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. Click here for your section information.

Early retirement is generally possible from age 55 subject to company consent. 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. Click here 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: 

How to maximise your pension savings

Paying more into the Plan is the best way to increase your pension pot. Find out more about how you can do this here

  • Your State Pension

    The current State Pension is £179.60 a week for the 2021/22 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

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