Managing your pension pot
Managing your pension savings might not be something you need to do every day, but there are a few things you should try and review on a regular basis.
The goal of having a pension is being able to support the lifestyle you want when you come to take your money.
By keeping on top of where your money is invested and how much is in your pension pot now, you can make sure you’re doing everything you can to stay on track. You can check how your pension savings are doing using our online service, Manage Your Account.
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.
For information about SAUL’s approach to responsible investment, visit the Document library.
✔ 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 logging in to Manage Your Account and then selecting 'Workplace Pension' and then 'Nominate beneficiaries' on the 'Pension Summary' tab.
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 SAUL Trustee has discretion as to who receives the money and they will take your wishes into account.
You can update your nominations at any time. If you’re unable to log in, please contact us.
✔ Think about your retirement age
Your target retirement age is initially set at 66 but you can change it to a different age at any time. The earliest you can choose is normally your 55th birthday. The easiest and quickest way to change your retirement age is to log into Manage Your Account.
If you’re a SAUL member for more than three years, you’ll also build up a different kind of pension based on your salary. So when you’re thinking about your retirement age, you’ll need to consider the rest of your SAUL pension too. You can find out more at www.saul.org.uk.
