Small steps to help you plan for retirement
We know that thinking about retirement can feel daunting. But taking a few small steps every now and again and taking the time to review your pension savings can help you get the lifestyle you want for your retirement.
When you’re planning for the future, it’s good to think about the bigger picture. Don’t forget about any other pensions you might have, including other Morrisons pensions, pensions you might have elsewhere, or the State Pension.
Whether you are 15, 10 or 5 years away from the RSP Section’s Normal Retirement Age (NRA), which is age 65, we have some helpful guides to help you. These guides provide practical steps and things to think about as you prepare for retirement at every stage.
15 Years to Go – Preparing for retirement
- Check what you’ve got by logging into OneView – don’t forget about any other pensions you might have!
- Think about when you’d like to retire – so you can plan with your goal in mind.
- Think about what retirement means for you – what would you like your life to look like, and how much might you need?
10 Years to Go – Thinking about retirement
- Explore the choices you have – the money in your pension pot can be used in different ways.
- Think about when you might need your pension pot – taking into consideration your financial situation, when would it be helpful for you to take your RSP Section pension pot?
- Could financial guidance or advice help you? Depending on how far away you are from wanting to take your pension pot, guidance or advice might help you make some decisions.
5 Years to Go – Planning for retirement
- Decide when to take your pension pot – the RSP Section’s NRA is 65, however you can choose to take your pension from age 55 (rising to 57 in 2028).
- Decide how to take your pension pot – it’s good to have an idea how you want to take your pension pot to help make your decision when the time is right.
- Take financial advice if you want to – an Independent Financial Adviser can help you figure out the best choice for when it comes to how to take your pension. You can find a Retirement Adviser on MoneyHelper.
Manage your pension pot on OneView
Log in to OneView, your secure online portal, to request an up-to-date value of how much you might get at your Normal Retirement Age or request a Transfer Value.
Don’t forget to watch our videos to help you to learn more about the pension benefits you have in the RSP Section and about the different options you have when you decide to take your pension pot.
