Make changes to your pension
Throughout your life things change and your priorities change. That’s fine, it’s human. So your pension is not set in stone from your twenties through to your seventies. Quite the opposite.
Making changes along the way
We want you to take an interest in your savings, think about your investments and when you want to retire. We’re not suggesting you change things every year, just have a think about your savings when you get your annual pension statement.
And, if you want to make changes, you can.
Change pension investments
When you join The People’s Pension, we’ll invest your savings into the ‘balanced’ investment profile unless you tell us otherwise. You can switch out of this investment profile into another one, or even choose your own set of funds if you want to at any time.
Change your retirement age
As a rule we use the State Pension age as your retirement age, but you can change this if you like.
We need to put a date on your retirement so we can work out how much you’ll receive when you retire and make sure you get all the information you’ll need about retirement in good time.
Leave The People’s Pension
You can leave at any time. You don’t have to be part of your workplace pension. But if you leave, your employer may stop making payments to your pension as well.
If you opt out within a month of the date on your joiner information, you’ll normally get a full refund of any payments you’ve made during that time.
If you leave after this, you probably won’t. Instead, the payments you’ve made will remain invested in your personal pension account and you’ll be able to access this when you retire.
Re-join The People’s Pension
If you were enrolled in The People’s Pension, but decided to leave, you can re-join.
Just write to your employer to request to re-join the scheme and we will re-activate your personal account. This means you’ll start saving again into the same pension fund, so all your savings stay together.
Next: Investing your pension