Is it time to spring clean your pension?
Now that spring has arrived, it’s a good time to refresh and prepare for the year ahead, whether it’s spring cleaning your house or sorting through your finances.
Now that spring has arrived, it’s a good time to refresh and prepare for the year ahead, whether it’s spring cleaning your house or sorting through your finances.
If you’ve not looked at your TPT retirement savings for a good while, then there’s no time like the present to start a pensions spring clean, check how your pension savings are doing and see where you can save a little more.
Your retirement savings will shape the kind of lifestyle you have during your retirement, so it’s worth checking how far they will take you in later life. Checking if you’re on track to meet your retirement goals will help you decide if you can save a little more to help you get there.
We’ve provided a three-step checklist below to help you get started.
If you’re unsure of where to start, check how much your TPT savings are worth by logging onto your Retirement Savings Account. For some people, it might be intimidating to check, but it’s better in the long run to know how much you’re saving.
Also have a think about what type of lifestyle you want to maintain after you retire. You can use the pension calculator in your online account, where you can experiment with the different options available to you, and check if your savings are on track. You can also compare this to PLSA’s Retirement Living Standards to help picture what your future looks like.
Remember - Check any other pensions you may have with previous employers, any private retirement savings, and your State Pension, as these will all count towards your final pot.
Do you remember how much you’re contributing? It’s easy to forget about it once you initially set it up, but it’s handy to check what you’re contributing here and there. You don’t want to miss out on any extra employer contributions that may be available if you increase your own contribution.
You can find out what employer matching contributions are available to you by logging in to your Retirement Savings Account. Once you’re logged in click on ‘Your TPT DC Pension’ box on the Home page, then scroll down and click on the pink ‘Change Contributions’ tab.
You can also make changes to the amount you contribute to your pension here too.
If you make any changes to your contributions through your Retirement Savings Account, we’ll automatically notify your employer, and the change will take place in the next available payroll.
Now you’ve had a think about the kind of lifestyle you want and checked how much your retirement savings are worth, we recommend reviewing your personal finances. It may be beneficial to do a budget check and see if you can put aside more towards your retirement savings. After all, small increases could mean a big difference to your final savings pot.
Remember – Everyone has different priorities. Do what works best for you. If you can’t put more aside, that’s okay too.