Your Contributions

Contributions

GDST Flexible Pension Plan (the 'FPP') - contribution structure

Contribution Tier If you choose to pay (% of pensionable salary) The GDST will pay (% of pensionable salary) Total contribution from you and GDST You will receive a pay top of (% of pensionable salary) *
Pension Max 10% (or more) 18% 28% (or more) 0%
Pension Plus 8% 16% 24% 2%
Pay Plus 5% 12% 17% 6%
Pay Max 2% 8% 10% 10%

*Paid as a non-Pensionable monthly pay allowance

Membership of the FPP also entitles you to Life Assurance and Income Protection cover paid for by GDST as set out in separate scheme literature.

Use our range of tools and calculators and personalise them to your specific needs.

Shape my Future

Can help give you an idea whether your potential retirement income will fund the lifestyle you want.

The Mid-Life MOT app

The Mid-Life MOT app provides a free check-up of your wealth, work and wellbeing. Our Mid-Life MOT app is a small investment of your time, but it could make a big difference. Designed for people in the UK between 45 and 60.

Retirement Spending Calculator

Discover how much you might spend during your retirement compared to your current spending and what sort of income you'd need to cover your costs.

Pension calculator

Learn more about the future of your pension plans and how long your money might last in retirement.

Investment calculator

The Investment calculator is designed to show how putting your money into an investment product could help you to achieve your goal.

Risk profiler

It's important to understand your attitude to investment risk to ensure any funds you choose are right for you.

Pension annuity calculator

Our calculator is a simple way to get an idea of the income you might receive from our pension annuity.

Pension withdrawal tax calculator

Have you considered taking all or some of your defined contribution pension as a cash lump sum? You need to consider how much tax you might pay. It could make a big difference to your plans!

What are my pension freedoms options?

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Nowadays, when going to the cinema, do you notice how many different choices there are to make before we can even view the film?

Do we want Premier Seating? Do we want the popcorn and drink deal? Do we want to go extra large?

There’s a lot to think about and the same can be said when considering how we can take money from our pension savings.

When you reach age 55, (or age 57 from 6th April 2028) you are free to take the money you have saved from your defined contribution pension.  

There are 3 main ways to access your money:

Option 1:  If you prefer the security of a guaranteed income for life, you can use your savings to buy an insurance policy, known as an annuity.  This income may be smaller than with the other options, but you won’t have to worry about running out of money in the future.  Just be aware that once you’ve bought an annuity you can’t change your mind.

Option 2:  You can take money from your pension as and when you want it and the money you leave in your pot stays invested - as it was when you were paying into your pension.  Charges will still be taken but leaving it invested may give it more chance to grow. There is a risk that the value of your investments could go down and you may not get back what has been put in.  Remember, there is no guarantee that the money will last a lifetime with this option.

Option 3:  You can take all of your money out as cash but as tempting as that is, you’ll need to think carefully about any tax implications and how long your savings will last, as taking large sums of cash could put you into a higher income tax bracket and could restrict the amount that can be paid into your pension going forward and you could run out of money in the future if you don’t budget carefully.

It is possible to mix the different options too, if you want to.

Before you do anything, you can normally take 25% from your savings tax-free, so you could pay off any debts, travel, or just treat yourself to the small things in life.  The remaining 75% of the savings you will take will be treated like your salary and taxed as income.

You don’t have to do anything with your savings either. You can leave your pension exactly where it is.

Whatever choice you make, it’s worth reviewing the options carefully and getting advice.

You should also shop around and compare the different levels of income you could get from different providers.

Here at Aviva, we have dedicated staff available to talk you through your options, so whatever route you choose, we can help you set the scene for the retirement you want.

If you want more help thinking about pensions and retirement, a good place to begin in MoneyHelper, the government-backed free guidance service.

If you are over 50 you can use the Pension Wise service, from MoneyHelper, online or by phone on 0800 138 3944.

They offer a free face to face or telephone guidance session. They won’t tell you what you should do, but they’ll provide you with information to help you understand your options.

For more tailored advice, you should speak to a financial adviser. Bear in mind they may charge a fee for this advice.

If you don’t have an adviser, you can find an up-to-date list of regulated advisers at MoneyHelper: 

www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/find-a-retirement-adviser

You can access MoneyHelper online at: www.moneyhelper.org.uk  or by phone on 0800 011 3797

Visit our site: www.Aviva.co.uk/retirement/pensions/

Contact us

Got a question? We are here to help

Calls to and from Aviva may be monitored and/or recorded.

Contact Aviva

Phone: 0345 604 9915

Email: mymoney@aviva.com

Contact your employer

Email: pensions@wes.gdst.net

Guidance and Advice

This site does not provide financial advice.

MoneyHelper

A good place to start is MoneyHelper, the government-backed free guidance service. The MoneyHelper service won't tell you what you should do, but they'll provide you with information to help you understand your options.

Contact an adviser

For financial advice please contact your financial adviser. You may be charged for this. MoneyHelper can help you find an adviser in your area.