Planning and saving for your future retirement

Preparing yourself and your finances is crucial to having enough money in retirement.  While helpful, the State Pension will only fund a basic lifestyle, making your workplace pension important!

This page is key to helping you plan; factoring in your target retirement age, helping investments grow, and what to do to lower risk and steady your investments as you approach retirement.  Read on to plan for the future you want.

Start with our short video on how workplace pensions work or scroll down for your next steps.

A workplace pension is a great way to save for a future you’ll love for two key reasons:

  1. Your employer will usually pay into your savings account; and
  2. You can save tax on your payments.

 See how much tax you can save and what help you can get from your employer: 

  1. Check how much your employer pays into your savings. You can speak to them or, if you are already a member, you can look on the Trust Benefit Summary, which is available by logging in to your online account.
  2. Use the savings calculator. This will show you the actual cost of saving into your account, how much tax you save and what your employer will pay in.

How much will you need when you retire? Are you saving enough?  Let us help you find out! Decisions, such as, when you retire, can affect how much you need to be saving and when to switch your savings into lower risk investments.  It’s important you explore all your options.  

We have an array of planners and tools to help you create a projection so you can make the best choices for your investments.  

Step one.  What lifestyle do you want to have and how much does that cost? The Pensions and Lifetime Savings Association carried out research to help people understand how much they might need. Click here to access the Retirement Living Standards website.   

Step two.  Log in to your account and go to the estimated monthly income tile in your dashboard. Once you enter a few details, it will give you an estimate of how much income you might receive.

We also provide a range of helpful interactive tools and guidance, simply click here

If you’re a little off track and need help in understanding how you might get closer to the income you need for retirement, here’s a few ideas:

  • Save more – easy to say, not always easy to do. However, tax savings mean it can cost less than you might think. Why not see the actual reduction in your take home pay, by using the savings calculator. If you think you can afford to tuck a bit more away each month, it can give you a better chance of having more income for your future;
  • Add a lump sum – if you receive bonuses, you can often pay them into a retirement savings plan. You will need to check with your employer;
  • Consolidate more expensive pension pots – if you have older workplace pensions or personal pensions, they may have higher charges than the Trust. By moving them across, you could reduce the total charges and have more money for your future. You need to take care you don’t lose any guarantees or benefits of value to you by transferring;
  • Work longer – many people gradually slip into retirement by reducing their hours or want to carry on working. In most cases, there is no longer a fixed date when you must stop working; and
  • Delaying the State Pension – if you intend working beyond your State Pension age, you can delay taking your State Pension until you need it. The government will increase the amount you receive to reflect you took it later. The government website explains how this works.  

We all have plans and then sometimes, life happens and can throw us off course.  

Finances can take a big hit in good or bad times.  You could have just had a child, purchased a house, had a divorce or a loved one has passed.  This can affect your capacity to save. 

Click on the links below to find helpful information from Moneyhelper about major life events and things you may need to consider:

Ill health



To help the Trustees know who you would like to receive the value of your savings on your death, it is important to nominate your beneficiaries. You can do this by logging in to your account, above, and going to the Personal Details section.

Alternatively, you can download, complete and return a paper form.

 PLEASE NOTE: We cannot provide advice. If you need advice, please seek an independent financial adviser.