Bank of America
Are you doing enough?
Are you doing enough?
So what’s your plan? And how you are going to achieve it? How much do you need to save? When do you plan to access your savings? Read the information below before using the tools suggested on the right.

I have no idea what target to set; it is too far away!

It is never too early. Many experts say you will need around 50-60% of your salary to live on each year when you retire, plus any additional capital needs you may have.

I cannot spare much; is it worth it?

It pays to start saving sooner even if you can only afford a small amount. If you are an employee member, you receive National Insurance and income tax relief on your contributions. Your account will also grow with investment returns.

Does it matter how I am invested?

Yes! It could make a big difference to the amount of savings you have when you access them. The further you are from accessing your savings, the more risk you are likely to be able to take in order to achieve a better potential return.

So what’s your plan? And how you are going to achieve it? How much do you need to save? When do you plan to access your savings? Read the information below before using the tools suggested on the right.

Start Working Life - Under 30

I have no idea what target to set; it is too far away!

It is never too early. Many experts say you will need around 50-60% of your salary to live on each year when you retire, plus any additional capital needs you may have.

I cannot spare much; is it worth it?

It pays to start saving sooner even if you can only afford a small amount. If you are an employee member, you receive National Insurance and income tax relief on your contributions. Your account will also grow with investment returns.

Does it matter how I am invested?

Yes! It could make a big difference to the amount of savings you have when you access them. The further you are from accessing your savings, the more risk you are likely to be able to take in order to achieve a better potential return.

Aged 30-50

How do I know what target is right for me?

Think about when you want to access your savings and how much you will need to fund the lifestyle you want. Once you have a target in mind, you need to review it regularly to see if it is still right for you.

Am I contributing enough?

The more you contribute, the bigger your savings will be.

Setting a target means that it will be much easier to see whether you are on track and if you are saving enough.

Could my money be working harder?

It is important to regularly check how your investments are performing. When you are within 20 years from accessing your savings, it is vital that your investment choice is right for how you plan to access your savings. The Plan offers a range of investment choices to give you flexibility in how you may want to access your savings. See Access your savings.

Over 50

How much money will I have in retirement and is it enough?

Do not forget the other sources of savings you may have including the State Pension. Will you have other investments or savings such as inheritance? Do you have any other pensions? You will also need to consider how best to access your savings for the lifestyle you want.

Is it too late to boost my savings?

It is never too late to boost your savings. If you are an active member, you can change how much you are contributing at any time on the MyBenefitChoices website here. If you’re an MBNA employee, you can change your contributions here.

What do I need to do with my investments?

The Plan offers investment flexibility so that you can ensure that your investments are in line with how you plan to access your savings. This is important so you get the best value for money. Go to Access your savings to find out more.

Take your savings

Step 1

How do you plan to access your savings?

You need to keep on top of a lot of things at the moment. As well as your Plan savings, you need to keep an eye on your budget and other sources of income. You may have savings with previous employers – the Pension Tracing Service can help if you have lost touch with them.

Step 2

How are you going to keep on top of the savings you are taking?

  • If you choose to keep your savings invested (income drawdown) you will need to keep your savings under careful review to ensure that you have the right level of income to meet your needs. This is currently only available if you transfer your savings out of the Plan.
  • Choosing cash? You need to ensure you have other income coming in to meet your needs.

Step 3

Are you ready to access your savings?

Now you are ready to access your savings, make sure you are aware of tax treatment on pension savings. Visit the Government website to find out more. If you have not done so already, you may want to seek impartial financial advice. Go to Access your savings to find out more.

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