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Are you saving enough?
Find out how much your lifestyle could cost when you retire and how to work out if your savings are on track.
Are you saving enough?Your 6-point new year pension checklist
It’s really important that you take control of your retirement planning, no matter what your age. Retirement might feel far away, but with every year that goes by you’re getting closer to it.
The cost of living is also getting more expensive, so it’s essential that you understand how much your retirement could cost and that you plan ahead, to see if your pension savings are enough to cover it.
Taking some small steps now could make a huge difference to the lifestyle that you’re able to afford in retirement, and this checklist is here to help you on your way.
1. Update your contact details
It’s important that we always have your correct contact details, so if we need to contact you about your pension, we can do it quickly. If you change your email address, get a new phone number or move house, let us know straightaway.
2. Make your death benefit Expression of Wish
A lump sum of money could be paid to your loved ones if you die before you claim your pension benefits. By completing an Expression of Wish form, you can say who you’d like the money to go to.
Your Amey pension is currently considered separately to the rest of your estate, and isn’t covered by your will. Completing an Expression of Wish form could help to avoid a lot of unnecessary stress for your loved ones, and prevent delays with the payment being made.
You can complete an Expression of Wish form here. It’s important that you keep your wishes up to date regularly, as the person or people you wished to get the money previously may not be the same people you’d choose today.
3. See how much you’ll need in retirement
You might have an idea of the things you want to do in retirement. Thinking about the lifestyle that you want when you stop working, and having an idea of how much it might cost will give you a target to aim for with your pension savings, and help you to see if your pension is on track to reach it.
- Think about the standard of living that you want
The Retirement Living Standards (RLS) can give you a general idea of the income you might need when you retire, depending on the lifestyle that you want. You can find more information on the Retirement Living Standards website.
It’s important to remember that the RLS figures are based on a target income after tax and don’t include mortgage, or rent costs.
When you think about how much money you might need when you retire, remember that your retirement income may be taxed. When you take your Amey pension, it will be included in the amount of your income that can be taxed. You can get an estimate of your income after tax, based on current tax rates, at Gov.uk.
4. Check how much you’re likely to get in retirement
It’s so much easier to plan for your future if you know what your income might be when you retire. When you know how much you’re likely to get, you can then work out whether it will cover your expected costs.
- Request pension estimates
You can request a free estimate of your pension benefits to see how much you’re likely to get when you retire, and the options you have at a retirement date of your choice. Get in touch with your Scheme administrator, Railpen, to request an estimate of your pension on 0345 112 0025. Remember, you may only request two free estimates in any calendar year.
5. Think about your other sources of retirement income
Your State Pension, savings or investments could help you reach your savings target. Find out what they’re likely to be worth and add them together, to see how much retirement income you might have in total.
Trace old pensions
If you’ve changed jobs you might also have other pensions, or you may have had a private pension. The Pensions Tracing Service can help you track old pensions down if you’ve lost their details.
6. Take financial support and advice
If you’re making a big decision about your pension this year, or at any other time, you might want to consider taking financial support and advice. Speaking to a financial adviser could have an upfront cost, but it may help you in the long run, to make the right decision for your circumstances. There’s also free financial guidance available.
Watch out for pension scams and fraudsters. They often pose as advisers, but they’re actually out to steal your pension savings.
There’s more information about how to spot a scam on the pension scams page, and you can find a list of trusted advisers and experts at Unbiased.co.uk.
Matt Riley
Manager
Matt joined Zedra Governance Limited (formerly PTL) in January 2008 having previously worked for Mercer Limited, Hazell Carr and Prudential.
As a Manager for the company's Birmingham Office, Matt’s responsibilities include working closely with Client Directors and individually liaising with Employers, Trustees and Members to ensure the smooth running of their pension schemes. Matt’s current portfolio of clients covers ongoing, paid-up and winding-up schemes. In addition, Matt has experience of schemes that have transferred or are in the process of transferring to the Pension Protection Fund and Financial Assistance Scheme. Matt also works closely with clients in relation to risk registers and internal controls.
Matt particularly enjoys resolving issues in a fair and pragmatic way ensuring that the right result is reached for the member or employer.
Sam Burden
Client Director
Sam Burden joined Zedra Governance (formerly PTL) in 2022. He is an Accredited Professional Pension Trustee (AMAPPT) and an Associate of the Pensions Management Institute (APMI)
Sam has more than 25 years’ experience in the pensions industry gained with WTW, KPMG, and Standard Life working with a wide range of pension schemes and sponsoring employers. His trustee appointments include DB, DC and hybrid pension schemes and he has experience of handling a broad range of projects relating to the management of pension schemes.
Beyond his pensions experience Sam is a former Birmingham City Councillor where he chaired the audit committee and a current charity trustee.
Payam Kazemian
Client Director
Payam Kazemian joined Zedra Governance Limited (formerly PTL Governance Limited) in 2021. He is an Accredited Professional Pension Trustee (AMAPPT) and an Associate of the Pensions Management Institute (APMI).
Payam has more than 17 years of experience in the pensions industry. Through his current role as a professional trustee, as well as previously as a pension’s de-risking and investment structuring expert at financial institutions including Goldman Sachs and Deutsche Bank, he has had overall responsibility for creating investment, de-risking, journey planning, and governance solutions for a wide range of UK DB pension schemes. He currently holds a number of board positions (as Chair of Trustees) and sole trustee in his professional trustee capacity. Payam has been involved with a number of pensions projects including pensions buy-in, pensions buy-out, GMP equalisation, investment strategy reviews, and dialogue with the pensions regulator. Payam looks to create and believes in a collaborative relationship between the sponsor, the trustee, and all other parties involved as this results in best member outcomes and helps deliver pragmatic solutions for scheme. Aside from his pensions experience, Payam holds a Ph.D. in Materials Science from the University of Cambridge.
