It can help to know what kind of lifestyle you’d like when you retire and if you’re on track. That way, you know if it would be helpful to pay a bit more to your pension pot now.
Being in control and making a plan can make it much easier when you come to retire.
Think about your mortgage or rent, food bills, family commitments and even how much you’ll need for meals out or holidays.
If you’re over age 55, log in to Manage Your Pension to read a guided retirement journey.
You might also find the Retirement Planner course or Midlife MOT tool helpful. You’ll find these in the ‘Learning Zone’ along with webinars which can help guide you through the retirement process.
Think about other pension pots you might have elsewhere, including the State Pension. You can find out how much you’ll get by visiting the government’s website.
Log in to L&G’s secure online member portal, Manage Your Account, to see how much you have now and how much you might have at retirement.
If you are a member of both the DC and DB sections of the Scheme, you can also log in to XPS’s secure online member portal, MyPension, and see your DC fund and DB pension. Use the Dual Benefit Modeller to show what your DC benefits could grow to at retirement and the potential benefits it could provide in terms of cash, annuity income and drawdown income.
Watch the video on the L&G website to see if your pension savings are currently on track to give you the income you need, or how making some small adjustments to how much you are saving now can help secure your future.
You’re likely to be a member of the DB Section of the Scheme if you worked at the Partnership before 1 April 2015. XPS is the administrator of the DB Section.
The DB Section closed on 1 April 2020 and therefore members who joined the Partnership after 1 April 2015 will only have a Defined Contribution pension pot.
This is where you can find information about your current pension if you’re a Partner now, or were a Partner after 1 April 2015. The Defined Contribution pages are probably the most important for you.
Members who joined the Partnership before 1 April 2015 may also hold DC pension pots with Prudential or Legal and General, as well as a Defined Benefit Pension in the Scheme. We previously referred to this as Hybrid or Dual Benefit. This is because you may have joined the DC Section of the Scheme when you started working at the Partnership and then, after a defined waiting period (which depends on the date you joined the Partnership), you would have become eligible to join the DB Section.
The DB Section closed on 1 April 2020 and therefore members who joined after 1 April 2015 will only have a DC Section pension pot.
