This section aims to help you realise how important retirement planning is. It is possible that you may spend as many years in retirement as you will have spent working. You must, therefore, save enough while you are earning so that you can afford to live when you are not, especially if you want to make the most of your retirement.
In order to help you decide the level of Core Contributions3%, 4% or 5% of your Benefit Salary. Core Contributions are the payments made to your Account by the Company on your behalf through Salary Exchange (or by you if you do not participate). Core contributions qualify for the Company Match. (and Extra ContributionsAdditional contributions (above the Core Contributions) that you can have made to your Account by the Company on your behalf through Salary Exchange (or that you can make if you do not participate). In Salary Exchange, the Company pays an additional 5% of any Extra Contributions into your Account.) you can afford, there is a contribution calculator. To see how your contribution rate and investment returns might affect your pension, use the pension calculator.
You can also use wealthcheck to get an idea of what your future finances might be. Wealthcheck works by adding up your total monthly income and outgoings separately and then takes one away from the other. If there is a shortfall, the good news is you have a chance to do something about it.
There are also pages on the Working Money and learn about money websites and on benefit statements.
The menu takes you through the pages of the section.
From 1 June 2009 contributions will be made through Salary Exchange unless you opt out.
Download the forms and documents relating to RS section.
Need help working out how well off you'll be in retirement? See the Planning and education section for more information.