Planning for your retirement
There are lots of things you can do to help plan for your retirement and the sooner you start the better. A good starting point is to make a list of all of your pensions and understand the value of them and what options you have including when they’re payable.
Estimating how much income you might need in retirement is also a really important factor.
There are lots of tools and information available to help you - these are our favourites:
Our pensions estimator
You can access this by clicking on Get an Estimate from the left hand menu. Once you're in, you can run estimates for different dates and for different options. The estimator will show you exactly what options you can take - these might include taking some tax-free cash, a bridging pension option to provide higher income in early retirement or taking a full or partial transfer. You can explore all the options available to help you consider which retirement option is most suitable for you.
This tool allows you to add-in all of your pensions so you can get a complete picture of what your retirement income might be. It then compares this with the income you might need, based on a few simple questions about how you see your retirement. Before you use the calculator, it's worth getting an estimate of your RRUKPF benefits and any other pensions so you can add them to the Aviva Pension Calculator.
Bringing together a wide range of services, tools and resources, the DWP's Midlife MOT has been designed to help you think about your work, health and money, with future planning in mind. Whether you want to take stock of your finances, enjoy a healthy working life or plan for a more secure retirement and review your pension arrangements, it can help provide the support you need. In the Your Money section you'll find useful resources to help you plan your retirement. These include:
- The State Pension Forecaster to show you how much State Pension you’ll be entitled to and when.
- The Pension & Lifetime Savings Association’s Retirement Living Standards to help you understand the level of income you'll need in retirement.
- Access to MoneyHelper which covers a range of financial topics, including pensions and retirement.
Talking to an expert
Making decisions when your financial circumstances are changing is daunting. Now there's a lot more choice and flexibility when it comes to taking your pension, it's good to have someone to talk things through with who can help you to find a retirement solution that works for you.
WPS Advisory act as Independent Financial Advisers to RRUKPF members. They specialise in providing affordable, impartial advice to help people better understand their financial situation, the implications of different choices and developing a plan to achieve personal goals.
That’s why the Trustees have arranged access to regulated retirement advice with WPS Advisory at a discounted rate of £1,080 plus VAT.
The retirement advice is a standard service consisting of adviser-lead meetings and a written recommendation. Your adviser will explain the steps required in order to make an informed decision in respect of your retirement options. You’ll have time to review the recommendation and WPSA will be on hand to answer any questions you have and help you to complete any paperwork that’s required.
The recommendation could include taking benefits directly from the UK Pension Fund or transferring them out to access other retirement options. In fact, it may even be beneficial for you to build a retirement solution that's a combination of these options.
If you have other retirement savings or more complex requirements, you may have to pay an additional fee. WPS Advisory will let you know if additional fees apply, so don’t worry about receiving an unexpected bill. Further details about current charges can be found in the Guide to WPSA fees.
There is also a dedicated Rolls-Royce helpline available. An adviser
representing WPS Advisory will be able to answer any questions you have about
your retirement options. They will discuss any charges that might apply for
receiving advice before you proceed any further.
You can call WPS Advisory on 0808 197 0356 or +44
(0)203 538 9087 from overseas
When the time comes for you to look at your retirement options, we’ll automatically provide you with details of how to start the financial advice process including a link so you can register on-line.
Further information about WPS Advisory can be found on their website at www.ukwps.com
If you’re planning to use another financial adviser, please make sure that they are regulated by the Financial Conduct Authority (FCA). Large amounts of money are at stake, so make sure that you choose wisely.
We recommend taking a look at the Financial Advice section of the MoneyHelper website for information about what to consider when choosing a financial adviser.
Important
notes
-
The cost
of the advice is considered by HMRC to be a taxable benefit and you will need
to pay additional tax for receiving this benefit. For basic rate tax payers, the tax
will be
between £100 and £150.
- We are able to guarantee a transfer
value for up to seven months in advance of your leaving date and this remains
guaranteed for three months after. You can contact WPS Advisory as soon as you
have received the guaranteed quote from us.
- If you receive advice but decide not to
retire, any subsequent advice you take will be at your own cost. The cost of
the advice that we have negotiated with WPS Advisory is currently £875
plus VAT. This includes providing a written personal advice report and (if this is the
agreed recommendation) implementing a transfer out of the RRUKPF to establish your benefits
in an arrangement that suits your objectives