Make the most of saving online with your employer
Nationwide has chosen Aviva to help you make the most of your savings.
The Nationwide Group Personal Pension (GPP) aims to build up a fund that can be used when you retire. It also gives you a tax-efficient way to save, and you will benefit from a regular contribution from your employer.
It's important to remember that the money invested in your pension is invested in funds. This means your pension savings have the potential to grow over time. However, it also means the value of your pension savings could go down as well as up and may be worth less than the amount paid in.
The following video helps explain the importance of pension saving, and how much income you might need when you retire.
Transcript for video as above
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, Loughborough University and the Pensions and Lifetime Savings Association, who represent UK pension schemes, have put together the PLSA/Loughborough University Retirement Living Standards so that you can see how much retirement income you will need.
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 2023 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 for Individuals are £14,400 -£31,300 -£43,100 a year and £22,400-£43,100-£59,000 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.
Where are you on your pension journey?
Starting to save for the future
"Pension planning? Retirement? Isn’t that something I can worry about later?"
By saving more now it could lead to you having a better chance of enjoying the retirement you want.
Building your savings for the future
"When I think about my finances, I've got to pay the bills, the mortgage... A pension isn't my top priority."
But the fact is that tomorrow comes around sooner than most of us think…
Almost done saving
"I'm nearly ready for retirement. I've only got a few working years left. Now to look to the future."
You’re getting closer to your selected retirement age which means more freedom to do the things you enjoy. To make the most of this new stage in your life you need to give some thought to your options, needs and goals.
Extra Support
Here's some extra help and support
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Financial Education seminars
Aviva is running a series of informative seminars where you can find out more about your Nationwide Group Personal Pension and how you can plan for your retirement dreams.
Financial Wellbeing
Financial worries can be a big source of stress, which can affect both your mental and physical health. Find ways to boost your financial wellbeing with the articles in this section of our wellbeing hub.
Information about My Money
To find out more about how to use My Money, click on our online demo.
What happens to your pension if you die?
To find out more information about how you can provide for your loved ones, see our help and support pages.
Helping to understand your pension
The following resources are available to help you get an idea of what your future could look like, and what you can do to make changes now for the future.
Find out what you’ve already got, plan how much you might need - and protect your money from fraudsters for your retirement.
And remember, however busy you may be right now it’s worth taking time out to think about your future while there’s still time to make a difference to it.
FInding lost pensions
MoneyHelper
Protect yourself from fraud
Sustainable investment
Where can I go for financial advice?
You can also use our broad range of tools and resources to help you get to grips with your pension.
Contact us
Got a question? We are here to help
Calls to and from Aviva may be monitored and/or recorded.
Contact your employer
- You can contact Nationwide’s Pension Services team (part of People Services).
- You’ll need to create a Service Request on PeopleCloud Help Desk and select ‘Pensions’ as the category.
Activate your account
Once you've activated your account you'll be able to:
- View your payments, transactions and balances all in one convenient place.
- Set up or amend payments directly from your salary, bank or building society account.
- See what your savings and investment could be worth in the future with our interactive tools.
Guidance and Advice
This site does not provide financial advice.
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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.