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?
The Aviva’s Shape My Future tool can help you work out how much you might need in later life and the difference saving a little extra now could make.
To help you make the most out of your pension savings, you may want to consider the following:
- When do you want to take your benefits
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. 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 to lower risk investments.
- Your State Pension
The current State Pension is £175.18 a week for the 2020/21 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
This short animation explains more about the State Pension.