Managing your pension pot
The goal of having a pension is to be able to fund the lifestyle you want when you come to take your money. It’s all about whether you’re saving enough and whether you’re invested in a way that reflects your current plans.
By staying on top of things now, you can ensure you’re doing everything possible to remain on track. You can monitor how your pension savings are performing by accessing your online account.
Or use the L&G app - Keep track of your pension anytime, anywhere. Our app puts your workplace pension in your pocket, making it easier than ever to manage your pension whenever and wherever you need to.
Life’s changes may mean that over time, your retirement goals or circumstances could change too. As life moves on, it’s important that you review the choices you’ve made about your pension savings as well. If you are uncertain about what to do, we recommend you speak to a financial adviser. To find an adviser in your local area, visit unbiased.co.uk. Advisers usually charge for their services.
✔ Are your savings invested in the right place?
How your pension is invested can make a big difference. So it’s important to make sure you’re invested in a way that reflects your circumstances and goals.
We offer a variety of pension funds with varying levels of responsible investing approaches incorporated. You can find out more detail on responsible investing and the types of funds available on our ESG Hub.
✔ Look after your loved ones
If you want to nominate or change who your pension savings should be paid to in the event of your death, you can do that by simply logging in to your online account and click on Nominate Beneficiaries. This will make it clear who you'd like the remainder of your savings to go to if you still have money left in your pension pot at that time. The L&G Mastertrust Trustees have discretion as to who receives the money, but they will take your wishes into account.
✔ Think about your retirement age
The Trustee(s) of the Former Royal Mail Defined Contribution Plan initially set your retirement age to 65 but you can change it to a different age. The earliest you can choose is normally the Normal Minimum Pension Age (NMPA). You can change it at any time. You can also adjust your investments options to align with this. The easiest and quickest way to change your retirement age is to log into your online account. Remember when thinking about your retirement age, you don’t need to take all your benefits at that time.
What do you think?
How much do you think you need to save each month to afford a comfortable retirement?
Go to Home - Pensions UK - Retirement Living Standards to find out.
