Choosing when to take your pension savings
You should consider the age you plan to take your pension – your ‘target retirement age or TRA’.
When you join the scheme your TRA is set to age 65, but it’s important to ask yourself if this is the right age for you. Maybe you’d like to start taking money from your pension earlier, or later.
If you’ve chosen for your pension savings to be invested in one of our Target Date Funds, this means that your pension savings are invested differently as you get closer to your target retirement age.
Your target retirement age tells us when we should start to change the way we invest your money, which is why it’s so important to check we have the right age for you.
We’ll also use your TRA to give you an estimate of how much your TPT pension savings could be worth in the future – this information is included in the Annual Pension Statement you’ll receive from us each year. Your TRA will also determine when we get in touch with you with details of how you can take your pension as you get closer to retirement.
If you want to update your target retirement age, you can easily do this in your online account using the link below.
Are you on track to reach your goals?
Your plans might change over the years, but thinking about them now can help you to get your savings in shape - and make your personal and financial goals more achievable. To find out more about setting your goals and checking you are on track, click the link below.
Am I entitled to the state pension?
Don’t forget about the state pension! This can make up a crucial part of your income when you retire, so it’s important to know what you might be entitled to, and when you can start receiving it. Click below for more information.
Are my details up to date?
As you start to plan your retirement, it’s a good idea to check that your beneficiaries are up to date and that we have the correct target retirement age for you - especially if your pension savings are invested in one of our Target Date Funds, as this will affect the type of funds your savings are invested in.
To check your personal details and to make any changes, simply sign in to your online account.
How can I learn more about investments?
If you want to find out more about how pensions, investments and retirement work, our Pensions Learning Hub is for you!
Our Pensions Learning Hub contains a mixture of video guides and live online seminars, designed to guide you through your pension journey – from the start of your career until retirement. There are even dedicated sessions on mid-life pension planning and how to make sense of retirement and understanding your options.
Can I talk to someone about my retirement plans?
As you approach retirement, there are a lot of things to consider when it comes to taking your savings and you might not know quite where to begin. Thankfully, the Government offers a great free service called Pension Wise that can take you through your options and help you make the right decisions.
What if I want more help?
Do you feel like you want more help understanding your pensions, or assistance with working out how much you need to save for the future? If this sounds like you, you might benefit from financial guidance, or even an appointment with a financial adviser.
For more information on financial guidance and financial advice, including what the differences are and how you can access them, click below.
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