From November 2019, we’re sending customers important information about their retirement options at milestone dates in their lives. You’ll still get your annual pension statements, but this new information is designed to tell you exactly what you need to know at just the right time.
We want you to feel more in control of your plans and more confident in making decisions about your financial future.
If you’re under 50 now, you’ll get your first pack around your 50th birthday. At this point, retirement might feel some way off, but it’s important to start planning.
This pack includes a summary of how your pension is looking and an explanation of the retirement income options available to you in the future. Although you can’t access your pension until you turn 55, you can start to get to know it and check whether you’re saving enough for the retirement you want.
You’re approaching the age when you’ll be able to access the money in your pension fund, so it’s good to know the options available.
We’ll send you a more detailed summary of how your pension is looking and information about the things you’ll need to think about before you start to access money from it, whether that’s then or at a later date.
From age 55 on, you can also request a retirement pack at any time. You don’t need to wait until the next ‘milestone’.
From age 60 and every five years after that, whether you’ve already started to access your retirement income or not, it’s important to fully understand the options available to you. Assuming there’s still money in your pension with us, you’ll again get a detailed summary of where things stand with your pension at the time. Plus details of the options you have in accessing it.
Although you don’t necessarily need to take action at the time, it’s important to remember that you may need to take your pension benefits before your 75th birthday. This is all explained in the pack.
Your retirement date
Your policy with us is likely to have a retirement date on it. Six months before this date we’ll also send you a detailed summary of your pension and a full explanation of your options.
This retirement date was usually set when you first set up the pension. If you’re not sure what the date is, please check as it may no longer fit with your plans. You can call us on 0800 302 9656 to find out more (Monday to Friday 8am-6pm). Depending on your policy, you may be able to change the retirement date to something more suited to your current situation.
Things to note
Our approach complies with new industry regulations. So you’ll also be hearing from any other providers you have a pension with too.
It’s important to get financial advice when making a decision about your pension, so please speak to your financial adviser. If you don’t have an adviser, we can help put you in touch with one.