Your road to retirement

Life is full of twists and turns, so your pension might not always be at the forefront of your mind when things change. But, spending a few minutes thinking about your pension could make all the difference to the life you could afford to lead after you stop working.

As you plan for your retirement, there are some specific steps you need to take:

On your savings journey…

  • Relationship or family change

    Whether you get married, divorced, have a new long-term partner, or if you have children, you may want to review your financial and legal affairs – including some aspects of your pension.

    Relationship or family change

    See how changing your contributions and/or your Target Retirement Age (TRA) could affect your estimated retirement income.

    Use the modeller

    Contact Aviva to notify us if your name changes or personal circumstances change.

    Fill in, or update, your Expression of Wish form to make sure the Trustee is aware of your wishes.

  • Moving house

    Keep your address updated so we can stay in touch. Your financial position might also change, if your outgoings change significantly.

    Moving house

    Contact Aviva to notify us if an address change.

    To change your contribution rate:

    Contact payroll

    Or

    complete a
    change of contribution form

  • Check in with your pension

    It may feel like nothing's changed, but it's important to review your pension savings regularly, to ensure you're saving enough and that your choices are still appropriate for your future plans.

    Check in with your pension

    Review your investment choices.

    Make sure your investment choices remain appropriate for what you want to do with your account when you retire. You can change your investment choices at any time by logging into your Personal Account or contacting Aviva. Remember, if you are in one of the Scheme's Target Lifestyle funds, your TRA will affect how these funds are invested so it's good to check your TRA from time to time.

    Consider whether you'll have enough retirement income.
    Use the modeller

  • Career change

    If you change jobs or your working hours, or have a pay rise, this may impact on your contributions to the Scheme.

    Career change

    See how changing your contributions and/or your Target Retirement Age (TRA) could affect your estimated retirement income.

    Use the modeller

    To change your contribution rate:

    Contact payroll

    Or

    complete a
    change of contribution form

As you approach retirement…

To help you plan, the Trustee has agreed that Hargreaves Lansdown, an independent organisation will contact you 10 years before your Target Retirement Age. You don't have to use them – you can use your own adviser, contact Aviva or find useful guidance from Pension Wise.

  • 5-10 years
    before retirement

    You might want to consider where your retirement income will come from ‐ e.g. the State Pension, your Babcock pension and any other income sources you could have.

    5-10 years
    before retirement

    Visit the government website to get a State Pension forecast.

    Consider other income sources like savings, rental property, inheritance, or equity. If you’ve lost contact with an old pension, you can trace the details through the government website.

    Check how much you could receive from the BRSS. Use the modeller

  • 1 year
    before retirement

    It's time to start making plans for your retirement.

    1 year
    before retirement

    Consider how you want to take your BRSS benefits. Read about your options on the When you retire page. You can also watch a video that explains your options.

  • 6 months
    before retirement

    6 months
    before retirement

    Aviva will post you a letter to invite you to put your benefits into payment.

    Contact Aviva to arrange to have your benefits put into payment. Complete any relevant paperwork. Aviva has a dedicated retirements team that can discuss the options available to you. Simply contact Aviva in the usual way to get started.

 

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