Welcome to your Nationwide Group Personal Pension (GPP)

You have a workplace pension with us, but do you know how much you should be saving into it to give you the type of retirement you want?

 

How do you know how much money you will need when you stop work, and what type of lifestyle that will allow you to have?

 

To help people picture their future retirement and what that might cost, the Pensions and Lifetime Savings Association, who represent UK pension schemes, has put together the Retirement Living Standards so that you can see how much retirement income you will need.

 

In all instances of its use and/or publication of the Standards the user must include an acknowledgement that the Standards are the property of and are provided by the Licensor and Loughborough University and describe the Standards as ‘The PLSA/Loughborough University Retirement Living Standards’, except for any changes specifically approved by the Licensor in writing.

 

The standards are pitched at three lifestyle levels - minimum, moderate and comfortable and show how much you would need a year to pay for those different lifestyles in retirement. All the figures are for 2020 and would include any workplace pensions, private pensions, state pension and savings. The figures on the left in each picture are for a single person and the figures on the right are for a couple. These are net figures, after any income tax.

 

The standards can be more easily remembered as £12,800-£23,300-£37,300 a year for individuals and

£19,900-£34,000-£54,500 a year for couples and have been based on a basket of goods and services, from food and drink to holidays.

 

The minimum level covers your basic needs and costs, including your bills. There is also money to spend on leisure activities such as a one-week holiday every year, but at this level you’d have to budget very carefully.

 

The next level sets the bar higher. With your basics covered, there would be more money to spend on food and clothes and the things you enjoy such as leisure activities.

 

Moving up the scale, here’s where your budget can really stretch and provide more. You would have more financial freedom to spend on luxuries, such as 3 weeks foreign holiday in Europe every year and replacing your car more often.

 

Everyone is different, but the attitude you have to saving really matters. The good news is that there are things you can do that could make a difference.

 

If you want to learn more go to the website shown on the screen. This will also provide information on the assumptions used and you can log in to your online account now to see if you are saving enough for retirement. If you decide you would like to increase your workplace pension contributions please follow the instructions on the screen.