Around 20 years to go
If you're aged 35 to 45, you're likely to have plenty to think about already. Your career, your home, your family... busy times.
You've probably also thought about the need to provide for your retirement. You may have a pension, perhaps arranged through your work.
While retirement planning may not always be top of your priority list right now, reviewing your pension planning doesn’t need to be onerous. This stage of life can be a good time to check you’re on track, and we’ve listed a few key things for you to think about.
Currently, the NMPA (normal minimum pension age) is 55. From 6 April 2028, the NMPA will increase to 57. So, from 6 April 2028 you’ll need to be aged 57 or older before you can start taking money from your pension. There are still some circumstances where you can take money earlier, like if you’re suffering from ill health or have a protected pension age.
Watch this video to understand how you can plan for the future.
Tax rules and state benefits shown are for the 2026/2027 tax year. They depend on your individual circumstances and may change in the future.
Transcript for video as above
When you get around to thinking about your finances, what sort of things spring to mind?
A mortgage or a car loan? Looking after a family? Paying the bills? Probably not pensions, though.
But the fact is that tomorrow comes around sooner than most of us think…. So where do you begin?
First, find out what you already have, and what you could have when you retire. Your annual pension statement can help here.
There’s the state pension, or course…
This is the current weekly state pension for a single person. You need to have 35 years National Insurance Contributions to get this much, which is the full amount. Wouldn’t want to live on that? Maybe not. So, what other money could you have to live on?
Think about any money you’re saving in a bank or an ISA. Factor that in.
Next, if you have a workplace pension, check how much is being paid in each month.
The benefit from a workplace pension is that you will normally be eligible for tax relief from the government on your personal contributions.
So, if you’re a basic rate tax payer, every £100 which goes into your pension will cost you £80 from your post- tax pay. Don't forget that your employer will probably also be contributing themselves. Both tax relief and your employer's contributions increase your pension.
Next, think about what you are going to need when you’ve finished working.
Think about whether you can afford to save some extra money from your salary. Putting aside just a little now could still make a big difference later.
You need to remember that your pension money is invested to try and help it grow and, as with any investment, the value can go down as well as up and you may get back less than you put in.
That’s why it’s important to keep a close eye on the value of your pension and other investments.
If you want to join or make changes to your workplace pension just get in touch with your employer.
So, in summary, find out what you’ve already got: plan how much you might need and then take action.
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!
To help with retirement planning visit our website. You’ll find videos, calculators and online tools. Our Shape my future tool can help you get an idea what your future could look like, and what you can do to make changes now.
What can you do now?
- Contact your existing pension provider(s) to find out what your pension fund(s) are worth and how your money is currently invested.
- Think about whether your pensions are on track to help provide the level of income you’d like when you retire.
- Review your retirement plan and see whether you need to make any changes, for example:
- could you afford to contribute more to your pension?
- if you have more than one pension, would it make sense to combine them?
- are your current investments still suitable for your attitude to risk and how long you have until retirement?
- It’s worth spending some time exploring the options available to you and learning more about what you may need to think about before making any changes. You can find out more in our financial wellbeing hub. If you’re unsure, you may also choose to speak to a regulated financial adviser, who may charge a fee for their services.
- Look at your wider financial position alongside your pension.
- o Your pension is one of several long-term ways you may provide for your retirement. To build a fuller picture, it can help to consider other assets such as savings, without needing to make any decisions about them now.
Already have a pension with Aviva?
You’ll need to activate your account for the Whitbread Pension Plan, even if you already have a pension with Aviva
To activate your account, you need to register. To do this, you’ll need your Account Number. You’ll find your number as well as your pension/savings details in your welcome letter from Aviva.
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Guidance and Advice
This site does not provide financial advice.
MoneyHelper
If you’re looking for help with pensions, 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 advice about what’s best for you, please contact your financial adviser. If you don’t have an adviser MoneyHelper provides up-to-date resources to help you find regulated advisers. Advisers may charge for their advice, but there are usually a number of ways to pay.