Paying More
See how much more you may get if you increase your pension payments
You might find this when you log into your online services, if this has been set up. If not, ask your employer or you could find the amount in your annual benefit statement.
This is the total amount you and your employer will pay to your pension, after the increase has been made. Remember many employers will match the payments you make up to a certain amount. So check with your employer to see what’s on offer. That way, you are less likely to miss out.
This is the charge for your plan that you pay across the year. You can find it out by getting in touch with your employer. You might also find it when you log into your online services, if this has been set up.
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Using the information you’ve provided, we’ve assumed the following in the calculation;
We have assumed your pension payments are invested in funds typically used by our workplace pension schemes customers, and that investments will grow each year at:
- A lower growth rate of 2%*
- A medium growth rate of 5%*
- A higher growth rate of 8%*
*The figures in this illustration are shown in real terms, meaning they take account of the effects of price inflation, which we have assumed to be 2% each year. Price inflation reduces the worth of savings and investments over time.
Your pensionable salary will increase each year at:
- Low Salary Inflation of 1.5%
- Medium Salary Inflation of 3.5%
- High Salary Inflation of 5.5%
We have assumed that the payments you’ve entered are paid each month to your pension until your selected pension age. We’ve assumed you attained your current age at today’s date, and that payments will be made for full years to your chosen retirement age.
Other companies may use different growth rates for their illustrations and charges may vary.
Your final fund value and benefits payable could be more or less than shown. The benefits may be less than the payments made.
The actual charges that apply to your plan may be higher or lower than those we have assumed and will depend on the investment approach, plan terms or funds you choose.
You can contact us for a personalised illustration, based on your own individual investment choices and product charges, showing how the change might affect you.