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Review
When life gets busy, especially in your 40s and 50s, it’s hard to find the time – and the head space – to review your pension. But it’s really important to make sure you’re set for life in retirement.
It’s time to check your progress
Even though retirement might still seem a long way off, now’s a good time to check your progress and see where you are with your retirement saving. You might have been a member of the Plan for several years, or you might have recently joined and have other pension savings elsewhere.
It’s well worth reviewing all your retirement savings, thinking about how much you’re going to need in the future and making any adjustments now, while you’ve still got plenty of time before you reach retirement. Why not sign up for one of L&G's Retirement planning made easy events?
Expected income at retirement
If you’re finding it tricky to know how much money you’re likely to need in retirement, you’re not alone. People are living longer than ever before, and it’s quite possible that you could spend a third of your lifetime in retirement. In fact, less than a quarter of us really understand what income we’re going to need in retirement and what we should actually be saving to achieve that.
Work out your expected income:
NatWest Group
Retirement Savings Plan
Look at your benefit statement to see an illustration of how much pension you could get if you continue to save at your current rate and buy an annuity.
Other workplace
or personal pensions
Include income from other pension arrangements you have.
State pension
The State pension is payable from your State pension age (66, 67 or 68).
Is this enough?
NatWest Group
Retirement Savings Plan
Look at your benefit statement to see an illustration of how much pension you could get if you continue to save at your current rate and buy an annuity.
Other workplace
or personal pensions
Include income from other pension arrangements you have.
State pension
The State pension is payable from your State pension age (66, 67 or 68).
Is this enough?
Use these planning tools to see how this could affect you:
Do you need to take action?
A rule of thumb is that you need to aim to have 10 times your annual salary saved in your pension pot at retirement. So, someone earning £30,000 needs to target a pension pot of £300,000. There are some small things you can do now to make a big difference later:
Increase your contributions
Increasing your regular contributions could make a big difference to your retirement income. Remember that you don’t pay tax on your contributions, so every £1 you save actually costs just 80p, if you’re a basic rate taxpayer, and with NI savings too, this comes down even further to around 68p.
You can change your contributions at any time by logging in to the NatWest Group Benefits Hub.
Save More Tomorrow
Gradually increase your contributions each year by 1% or 2% so that you build up your pension pot without seeing a sudden difference in your take-home pay.
Boost your pension – bonus waiver
You can give your pension a boost by paying any bonuses you receive into your pension. Remember that you’ll have to pay income tax on your bonus if you take it as income, but if you pay your bonus into your pension instead, you won’t. This is a good way to boost your pension account balance as well as keep the full amount of your bonus for yourself.
Change your target retirement age
Check that your target retirement age is still right for your plans. Changing when you stop working will have an impact on the amount that’s in your pension account at retirement. A delay could give you the time you need to add extra contributions and more opportunity for investment growth.
You can amend your target retirement age by logging in via Manage Your Account.
Find out more
If you'd like more details about planning your retirement, why not do L&G’s Retirement Planning Made Easy course?
(Monday to Friday, 8.30am to 7pm)
