If you're in your twenties or early thirties, retirement might seem like it's a lifetime away.
The fact is that tomorrow comes around sooner than you think. So, by saving more now it could lead to you to having a better chance of enjoying the future you want.
So, where do you begin?
We’ve pulled together some articles, calculators and online tools to help you get an idea of what your future could look like, and what you can do to make changes now.
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.
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 retirement.
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
Pension planning? That’s something you can worry about later?
The fact is that tomorrow comes around sooner than you think.
So by saving money now it could lead to you having a better chance of enjoying the future you want.
So, where do I begin?
First, find out what you already have, and what you could have when you retire. There’s 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 even an ISA.
You may already be saving into a bank or an ISA for shorter term needs like a house or car. If you are able to do so and can afford to, consider adding more into your pension to benefit from the tax relief.
Next, if you have a workplace pension, check how much is being paid in each month.
Alongside contributions from your employer, one of the benefits of a workplace pension is that you'll normally be eligble for tax relief from the government on your pensional contributions.
So if you're a basic rate tax payer, every £100 which goes into your pension savings will cost you £80 from your take home pay.
If your payments are made through a salary sacrifice arrangement with your employer you'll also benefit from National Insurance savings.
You need to remember that your pension savings is invested to try and help ithem grow, and, as with any investment, the value can go down as well as up and you may get back less than you paid in.
Next, think about how much income you will need when you've finished working. 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 of what your future could look like, and what you can do to make changes now.
If you want to join or make changes to your workplace pension, you can do this through your MyAviva account. So, in summary, find out what you’ve already got, plan how much you might need and then take action.
Remember, if you really want to make a difference to your future, there’s no time like the present to act.
What can you do now?
- Begin by thinking about the kind of retirement you'd want for yourself:
- Where would you like to live?
- Do you think you'll want to travel?
- What sort of activities and hobbies do you think you'll enjoy?
- Will you be financially supporting anyone else?
- Start to consider how you'll fund your retirement
- Make a retirement plan
- Set yourself some goals – think about what age you want to retire, how much income you want, whether you'll do any part-time work.
- Think about how much you might need to save.
- Also consider how much you can afford to save now.
- Remember, even if you think you can’t afford to save much, putting in small amounts each month can help build your retirement fund over time.
- Return to your plan regularly to check on your progress.
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.