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Pensions are constantly evolving and there may be changes that affect your membership. Therefore, it’s important to keep up to date with what’s happening.

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.  It’s also important that you understand what might be available to your next of kin now, if something unexpected were to happen.

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. Register for an online account, if you haven’t already

Planning for retirement has never been easier with your online account. Register for a secure online account to view your personal pension information and manage it easily online. It’s free to register, and it only takes a few minutes.

• ESPS members register here
• UPP members register here or email the Fidelity service centre at pensions.service@fil.com  

2. Update your contact details

It’s important that your pension scheme always has your correct contact details, so if they need to contact you about your pension, they can do it quickly. If you change your email address, get a new phone number or move house, let your pension scheme know straightaway. 

3. 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 Uniper pension benefits are currently considered separately to the rest of your estate, and are not 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 any payment being made.

You can complete an Expression of Wish form when you log into your online account (see the relevant links above). 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. 

4. 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. You can add your personal living costs using the Lifestyle Calculator, as shown below.

• Get a personalised estimate of how much you might need

The Lifestyle Calculator gives you a personalised estimate of how much you might need when you retire, after tax. It uses the RLS above as a starting point, and lets you add your individual living costs, such as transport, housing and holidays. You can find the Lifestyle Calculator on your member website.

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 Uniper 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.

5. 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. You can request an estimate of your pension in your online account and you may also be able to run retirement estimates yourself from your online account.

6. 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, and this is a free service provided by the Government.

7. Pay more in, if you can

Paying a little extra on top of your regular pension contributions when you can, while you’re working, could mean you’re able to have a more comfortable retirement. It might even mean you can take more money as a lump sum, or pension when you retire.

Find out more about saving more towards your Final Salary ESPS pension here.

For those who are in the RBP of the ESPS, you will have an opportunity to pay additional contributions into your pension via the benify window.  Further information on this will be sent to you when the window opens.

Find out more about saving more towards your UPP pension here.

8. 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. If you are an ESPS member, you will receive information about getting support when making decisions about how to take your scheme benefits, when you request details of these.