You’re never too old – or young – to start planning your retirement.
And your IWDC pension offers a number of different ways to take your benefits when you retire. For instance, you could:
or, transfer your benefits to another authorised provider and choose to:
You can learn more about each option (and the tax implications of each) at Pensionwise.gov.uk/explore-your-options
Your loved ones, or the charities and organisation that matter to you, may also get a lump sum if you die before taking your pension.
Sign in to your myRPS account to see how much your benefits are worth.
It’s important that you have an idea when you may want to retire or take your benefits, as this will influence the funds that your contributions should be invested in to help build up your pension pot.
To start with, do you know your Normal Retirement Age? This is the age when your employer normally expects you to retire. You can find it in your Key Features guide when you log in to your account.
Or, if you have selected a Lifestyle Fund (where your funds are managed for you), you can choose your own Target Retirement Age, which can be as low as 50 (depending on your Scheme membership rights) or as high as 75.
Every year, you will be sent an Annual Benefit Statement, which gives you an idea of what you might expect to receive in retirement. It's really worth looking through it checking if you're on track to receive the income you'll need for the lifestyle you want when you retire.
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