Keeping your pension pot where it is

How does keeping your pension pot invested with
The People’s Pension work?

You don’t have to take your pension pot when you turn 55 (rising to 57 in 2028) or even when you retire, you can leave it invested.
It means you can continue to save and that your pension pot may grow. But, as with all investments, there’s a risk that the value can go down as well as up.

You can keep your pension pot with us for as long as you like. And you can choose to take it later through any of the retirement options available from The People’s Pension.

Things to do if you’re keeping your pension pot where it is

Update your retirement age

If you’ve decided to keep your pension pot where it is for the time being, you might want to check or update your retirement age in your account. This is because, your pension savings with The People’s Pension may be gradually moved into lower-risk investments over the 15 years leading up to your retirement (called your ‘glidepath’). So if you’re not going to be taking your money, you may want it to be invested differently. By updating your retirement age, your position on the glidepath will change accordingly. Or, you can select how your money is invested yourself (rather than leaving it in our default investment fund). If you’ve self-selected your investments, the gradual movement of your funds into lower-risk investments through the glidepath won’t apply to you.

Make sure you’ve chosen a beneficiary

While you have money in your pension pot with The People’s Pension, it’s a really good idea to set a ‘beneficiary’ for your account. That’s the person (or people, or organisation) you would want your pension savings to be handed on to – if you still have money left in your pension pot with us when you die. And it’s important you let us know who you would want your beneficiary to be – otherwise we won’t know what your preferences are if anything does happen to you. So if you haven’t already, make sure you tell our Trustee who you’d like your beneficiary to be by completing a Beneficiary Nomination Form – so that they can consider your wishes after you’re gone. You can check and manage your beneficiary details in your account.

How much money will you need for retirement?

Even if you won’t be accessing your money anytime soon, you can use our retirement planner to see if you’re on track to live the retirement you want. It shows you how much money you may need and could have in retirement. You’ll find the retirement planner in your account.

Log in to (or activate) your account to manage your settings
Or if you’d rather not do it online, you can get in touch with us to check your settings and we’ll help you change them if you want to.

Did you know, you can also download our mobile app to keep track and manage your pension wherever you are? More about The People’s Pension app.

Consider combining your pension savings

If you’ve got more than one pension – you might want to think about putting them all in one place so that they’re easier to manage. The amount you have in your pension pot affects which options you can take your money through. So by combining your pension savings into one, you could change the options available to you.

It’s also important to compare the charges, features and services between the pension you want to transfer out of and the pension you want to transfer into – to make sure it’s the best option for you. Find out about our charge.

Should you combine your pensions if you’re keeping your pot where it is?

If you’re keeping your money where it is for now, it might be worth combining your pots so that it’s easier to keep track of them. But the amount that’s in your pension pot also affects which options you can choose to take your money through. For example, if the transfer takes your pot value over £10,000, it could stop you from being able to take certain options but also open up other options to you. So it’s worth thinking about how you might want to take your pension pot in the future before deciding whether or not to consolidate them.

Combining your pension savings with
The People's Pension

You could transfer your other pensions into The People’s Pension. It’ll be easier to keep track of them in one place and you could save money on charges too… If you’re unsure what’s right for you, it’s a good idea to consider getting advice. Otherwise, if you’re comfortable making financial decisions, all you need to do is give us the details (either online or by post) and we’ll do the rest.

All your options at retirement Keep your money where it is Take it all in one go Take it a bit at a time Buy a guaranteed income or 'annuity'