Will I have enough to live on?

Have you thought about how much money you will need in later life? Have you got plans to travel or pay off your mortgage? You may want to consider the following too:

Selected retirement age

Your selected retirement age, or SRA, is the date at which you wish to take your retirement benefits.

Choosing an SRA is especially important if you are invested in a lifecycle option, as your SRA will determine when your funds start to switch to lower risk investments.

If you would like to change your SRA, please download and complete the SRA form.

State Pension
The current State Pension is £164.35 a week for the 2018/19 tax year (for those with at least 35 years of full National Insurance contributions). However, if you have been 'contracted out' of the State Pension at any time e.g. as a contracted out member of the MP03 Section of the Plan, or any other pension scheme, the amount of State Pension you receive may be reduced in certain circumstances. You can receive an estimate of your State Pension from www.gov.uk/check-state-pension




By starting to save now you will pave the way for a comfortable future.



Retirement income modeller
To help you work out how much money you might need in later life, you can use the Aviva retirement modeller. The modeller will help you visualise your needs in retirement and the difference saving a little extra now could make.

Check out Aviva’s Shape My Future to see how you can save now for a more comfortable future.



My contributions

It may cost you less than you think to save more for later life.

Member scenario

How would Samira, Holly and Tom benefit from Pearson’s contributions on top of their own? How much more could they benefit by increasing their contributions.

Why is it worth it?

If you are in the MP03 Section of the Plan, you can enjoy:


 

Don't miss out on valuable benefits


If you meet the three point criteria to join the MP03 Section but do not choose to join then by default you will be enrolled into the AE Section of the Plan which has less benefits and Pearson will not pay in double what you pay.

If you do not meet the three point criteria, you will not be able to join the MP03 Section and will not be automatically enrolled into the AE Section. However provided you are between ages 16 and 74, you may be able to choose to join the AE Section.

Read How to join the Plan to see if you are eligible to join the MP03 Section or the AE Section and for a comparison of the benefits in the two sections.

Discounts

Aviva discounts

Aviva is offering members of the Plan additional discounts to its online premiums for car, home and travel insurance.

To find out more go to www.aviva.co.uk/affinities/pearson

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