Less than five years to retirement
Even with just five years to go before you're due to retire, it's not too late to make important changes which could help you enjoy a better retirement. This is a good time to start thinking seriously about how long your money may need to last you – many people underestimate how long they may be retired.
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 begin to 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
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. So, where do you begin?
First, find out what you already have, and what you could have when you retire.
Theres the state pension of 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 building society account, or ISA. Factor that in.
Chances are, your workplace pension savings will also play a big part in the kind of future you'd want for yourself. There are a number of ways you can take money, such as taking some or all of it as cash, taking it as guaranteed regular income, or perhaps taking it as more flexible income as and when you need it.
Before you make any decisions about how to take money from your pension, you need to get a clear idea of how much you have in there, and how it's invested.
If you want more help thinking about pensions and retirement, a good place to begin is MoneyHelper, the government‑backed free guidance service. You can access MoneyHelper online at www.moneyhelper.org.uk or by phone on 0800 011 3797.
If you’re over 50, you can also use 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 may choose to speak to a financial adviser. Bear in mind they may charge a fee for this advice. If you don’t already have an adviser, you can find an up-to-date list of regulated advisers at MoneyHelper. https://www.moneyhelper.org.uk
What can you do now?
- Contact your existing pension provider(s) to find out what your pension fund(s) are worth
- Think about how much you'll need to live on when you're retired
- You might find you don't have as many regular expenses when you retire – but it's important you know how much you're likely to be spending, so you can work out how much income you'll need.
- Review your plans and consider if you'll have enough income
- If you're not sure you'll have sufficient income, you could consider options, such as delaying your retirement or consider whether you could manage on less income.
- Find details of any pensions you may have lost.
- Make sure you know your options when it comes to taking the benefits from your pension, and how this will affect your tax position.
- Your savings and investments are important as well as your pension
- Making the most of your ISA allowance could help you to save and invest more tax-efficiently. Tax treatment depends on individual circumstances and may be subject to change in the future.
- Find out what you'll be entitled to receive and when from the state
- Make sure you know how much you'll get from the State Pension and any other benefits you might be able to claim.
- Think carefully about how long your money may need to last
- No-one can tell exactly how long they'll live – and most of us probably wouldn't want to! But it's important not to run out of money if you live to be a grand old age.
- Consider how to provide for your loved ones
- No-one likes to think about dying, but you can enjoy greater peace of mind if you know your loved ones will be provided for by making a will.
- Whether you’re planning on using your pension fund for income drawdown or buying a guaranteed income for life, you need to consider whether you want anything to be paid to your dependants when you're gone.
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.