My pension savings: What do I need to do?
If you’ve been automatically enrolled in our workplace pension scheme, you don’t need to do anything to get your pension account started as it starts automatically. But if you want to get involved in your pension, you can.
Leave your pension with us to manage
If you’ve read the information we’ve sent you and you’re happy with it all, you can leave it up to us to manage your pension.
Your employer will start paying into your pension account soon and these payments, plus the contributions you make and any tax relief from the government will build up in your pension account for you to use when you retire.
We’ll invest this money in the ‘balanced’ investment profile and assume that you’ll want to take your retirement pension at the State Pension age.
One thing we can’t do for you…
…is decide who should get your pension if you die before you retire.
These are your beneficiaries and you need to let us know who they are through your Online Account.
Get involved in your pension
If you prefer you can get involved in your pension. And we really hope you do.
You can decide for yourself:
- where to invest
- when to take your pension from the age of 55 (age 57 from 2028), or
- how much to save.
Saving into a workplace pension is a great opportunity to start making your retirement plans a reality.
Check how much to save for retirement
You can use our calculators to check how long your pension savings might need to last for, and how much you might need to live on – to help you work out how much you need to save.
Next: Your online account