How much have you got saved?

Whether you’ve got savings through an employer’s pension or a personal one, the first planning step is working out what you’ve got and where. Don’t worry if you’re not 100% sure – there are ways to track these things down.

Working out what you’ve got

1. Review the amount you have in your plan with us

   Your latest benefit statement will show you your most recent fund value as at a fixed date. That’s the first part of the puzzle.

2. Don’t forget your State Pension

   You’ll get a regular amount of State Pension each week, that increases each year in line with inflation. It’ll form a regular part of your retirement income. You can find out more about the State Pension in detail here.

   Remember: your State Pension Age (the age you can start claiming it), might be later than the age you choose to take some of your other retirement savings. Make sure that’s factored into your plans too.

3. Do you have any other pensions?

   Employers are required by law to automatically enroll eligible employees into pension plans and contribute too.
   That means you might have pension savings through your current workplace. You could have some with previous employers too.

   If you’ve ever paid into any other personal pensions over the years, don’t forget those as well.

   If you think you might have other pension savings but you’re not sure where, you can find pension tracing details here

   This will ask you a series of questions, and as long as you know the name of the employer, or personal pension provider you have the pension through, you’ll be able to find the contact details and make enquiries to get details of the account and an up-to-date value.

4. Don’t forget any other income or savings

   Income in retirement doesn’t have to just be from your pension savings. You might choose to take your money and still work part time. You might have savings accounts or rental income to take into account. Don’t forget to include these in your planning.