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Aegon Retirement Choices toolkit

Supporting you every step of the way through your retirement journey.

(00:27) At Aegon, we are here to help you. To help you better understand the world of pensions, which we know can be confusing. To help you start and stay on track with your long term savings. To move beyond budgeting and help you prepare for your future. To work out what gives you purpose? What makes you happy. And to handle life's ups and downs.

(00:27) See what they mean for your savings goals. We do it with an award winning approach and demystify money lingo for you, showing you small steps to feel better about your money today that helps you understand your savings options and the impact of your investment decisions. We will show you more ways for you and your family to save, and we'll introduce you to Mylo.

(00:52) Our new digital guide will be by your side to help with all of life's big money moments, which is handy because there'll be more of those coming, because we're all living longer than we ever imagined, which is reimagining the way we work, retire. Live. We are here to support you over this longer new look life. But if we're all living longer,

(01:14) We all need a healthy future to live longer in. Which is why we are focusing on investing your money to help the world thrive. And the future is how we help you live your best life today and tomorrow.

As an Aegon Retirement Choices customer, you can access support material like core documents and guides to help you manage your savings.

We've organised this toolkit into sections to make it easier for you to navigate your way to a range of support material whatever stage of your retirement journey you're in.

Your events calendar

Make sure you don't miss out on all the upcoming events tailored to you and your pension. See what's coming up on your events calendar.

I'm new to the scheme

00:00:00 - 00:34:07

So let's talk about the benefits of your workplace pension. Honestly, it's not that boring. It's actually quite simple. It's your employer or trustee that does the legwork as well as contributing some money. And it's all for you. Often it comes straight from your salary so you don't even notice. Essentially, it's extra money. Here's an example. You put in 40 pounds your employer puts and 30 pounds tax relief on your contribution.

 

00:34:07 - 00:53:03

Adds another 10 pounds. Thank you. So that comes to a total of 80 pounds doubling what you put in. The earlier you save, the larger your savings could be, because your investments could have more time to potentially grow.

 

00:53:05 - 01:15:15

No, it's never too late to start. Unless you've retired, that is. Retirement may seem a long way off. But trust me, it's never too early to start saving. Getting started early will give you the best chance of having the lifestyle you want. After all, the finer things in life don't have an age limit. Let's not forget about people still in work.

 

01:15:17 - 01:37:06

Like me, for example. Let's see what I already have in mine. See if I want to add some extra to it. It's simple. I can just check online. It's easy to see what you've got using the online tools to make sure you're on track. It just so happens I'm happy with mine. I know what you're thinking. It's complicated getting started right?

 

01:37:08 - 02:01:00

Wrong. Saving into your workplace pension is simple. Support is available online through webchat or a quick phone call away for free guidance. Sure, you can opt out but that means losing out on your employer contributions so you can wave goodbye to that extra money. It's hassle free, so all that admin you may fear,

 

02:01:02 - 02:25:22

It's all done for you. All you need to do is agree to remain part of the scheme. So it's really not complicated, not confusing and certainly not something you should be putting off till a later date. Oh, hey. Oh, and one last thing. Remember, it's your pension, which means you own it. So you can choose how much you wish to put in, the investment funds and the retirement options when you come to retire.

 

02:25:24 - 02:29:16

A bit like Harry over there.

 

02:29:18 - 02:50:11

Each to their own. Oh, and don't be worrying about what to do next. Aegon will be in touch to guide you the rest of the way. But in the meantime, if you do have any questions, just speak to HR. See, I told you it wouldn't be boring. 

 

 

Making the most of your workplace savings

You'll find some simple steps to take and lots of tips to get on track or stay on track for the retirement you've set your sights on.

Additional resources

Using online services to manage my plan

Retiready can show you how ready you are for retirement with providing you a score out of a hundred.

00:00:00 - 00:36:10

Using Retiready in the workplace and our range of online tools, you can discover how ready you are for life after work. Your online dashboard will highlight your key information, and you can even add details of other savings held elsewhere to give you a complete view in one place. By answering a few simple questions, you can find out your Retiready score, which will help you understand how ready you are for the future,

 

00:36:12 - 00:58:18

and if you're on track for what you expect your savings to look like. If there's a gap, Retiready can help you take steps to get you on the right path. Your profile page lets you see your personal and retirement details. Here you can check your important information is correct, for example making sure your beneficiaries are up to date.

 

00:58:20 - 01:25:17

You can see every transaction, how your funds are performing and view documents in your own Documents Store. Whatever your savings goals, we give you access to a range of different investment opportunities. Did you know you also have access to our stocks and shares ISA? This allows you to save money in a tax efficient way. You can invest a regular monthly amount, a lump sum or both.

 

01:25:19 - 02:00:08

The choice is yours. Have you considered combining other savings pots? This lets you take control, reduce your paperwork, and potentially lower existing multiple charges. It's important to remember combining a pension may not be the best option for you, and it's up to you to decide if this is the right decision. Remember, we're here to support you. You can find answers to your questions in our Frequently Asked Questions, and when you need to, you can send us a secure email or speak to us online.

 

02:00:10 - 02:28:10

Retiready, making your future planning simple.

 

Watch this short video to see some of the features available on the our mobile app.

00:03:06 - 00:04:04

Not everything in life

 

00:04:04 - 00:05:14

needs to be complicated...

 

00:06:08 - 00:07:07

especially when it comes

 

00:07:07 - 00:09:10

to managing your financial future.

 

00:10:13 - 00:11:23

The Aegon app helps

 

00:11:23 - 00:13:09

you manage your investments

 

00:13:09 - 00:15:13

and pension with ease.

 

00:15:20 - 00:18:15

One touch and you're in.

 

00:18:15 - 00:19:22

Checking your balance,

 

00:21:11 - 00:23:02

managing your investments,

 

00:24:07 - 00:25:14

or seeing your pension

 

00:25:14 - 00:27:08

has never been simpler.

 

00:28:15 - 00:30:02

That means you can spend less time

 

00:30:02 - 00:32:02

focusing on your finances

 

00:32:02 - 00:33:24

and more time doing what you want

 

00:33:24 - 00:35:13

when you want.

 

00:36:06 - 00:38:05

It's that simple.

 

00:38:05 - 00:39:20

So what are you waiting for?

 

00:40:15 - 00:42:10

Take control of your finances

 

00:42:10 - 00:43:15

with the Aegon app.

 

Download the app

You can download and register for our app 24 hours after you activate your online account. You’ll be able to view the value of your account, your transactions and a breakdown of your investments.

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Additional resources

Activate your workplace Retiready account
Log in to your account and manage your savings

Help me understand my retirement savings

All types of pension could play a part in your retirement. Whether you're enrolled in a workplace pension or a personal one, we'll help explain what they are and how you might be paying into them. 

00:00:00 - 00:24:16

When you're younger, it can be tempting to put off saving for the future. Day to day life tends to get in the way, and there's so many other exciting things to think about. Like traveling. Buying a house or buying a car. But the truth is starting to save as early as possible, even just small, regular amounts could make a big difference to how much you'll get back in the future.

 

00:24:18 - 01:02:20

By starting early, you'll be saving for longer. And so giving your savings more time to grow. One of the benefits of investing in a pension is compound interest, which means any returns you make can themselves make returns. So your savings have the potential to grow even further. For example, if you were to start saving into a workplace pension monthly from age 25 and you put away 5% of your £30,000 annual salary with your employer also contributing 3% monthly, you could potentially end up with a pot of £171,000.

 

01:02:22 - 01:33:04

But say you were to delay saving and waited another ten years until you were 35. If you were saving the same amount and assuming the same rate of growth, your potential pot would drop to £92,900. These figures are examples only they're not guaranteed and are based on calculations to help you understand your options using our Retirement Income Planner calculator. These examples assume a retirement age of 60 and an investment saving in the scheme default fund.

 

01:33:07 - 02:00:01

The retirement income calculated is dependent upon a number of factors. Although not a complete list, these factors include future contribution levels, the age you start taking benefits and external influences such as investment returns, inflation, interest rates, annuity rates and any fund and or product charges. Your actual investment growth may be higher or lower depending on the performance of the investment funds in your pension pot.

 

02:00:03 - 02:23:15

To find out more and calculate your retirement income options, access the calculator provided within your secure online account. Your actual investment growth may be higher or lower depending on the performance of the investment funds in your pension pot. And don't forget that inflation will reduce what you can buy in the future with the amount shown for guidance based on your own personal circumstances.

 

02:23:18 - 02:39:14

Look out for information in your annual statement or alternatively, you can speak to our Aegon assist team who provide a free guidance based service and can give you information to help you make the right decision for you.

 

Additional Support

Your pension in a few minutes

What's salary sacrifice?

Can I pay more into my workplace pension?

Nomination of beneficiaries

Additional resources

There are several ways that you could potentially save money by bringing all of your pots together. 

(00:07) Is your pension collection getting a little unruly. With all the jobs you may have had throughout your adult life. Different pots of bound to tot up. So, combining them into one big pension can be a way to keep them under control. This will certainly make things much more manageable, but there are also reasons why merging your pots might not be the right thing to do.

(00:30) So, before you make any decisions, here's what you need to know. For starters investment, if one or more of your pensions is out of tune with your investment goals and your appetite for risk, it might make sense to move it.

(00:45) Some pensions may have more investment choices than others, so you may want to move into one that offers a better investment selection. Don't forget though, if you do move, the value of your pension, It can still fall as well as rise. And the value of your pension pot when you retire may be less than has been paid in any new investments will also have their own set of risks. So make sure you check these in the fund fact sheets.

(01:08) Next up, special guarantees. Your pension may have some special benefits, things like guaranteed annuity rates or a protected retirement age. If you move from a pot with any of these features, you'd lose them. And last but not least are charges. Every pension pot has a charge, usually a management charge, and these vary, so be sure to carefully compare these. Some companies may also charge an exit fee for moving. So if that's the case, you'll need to decide whether it's worth it.

(01:38) Sometimes you'll need some words of wisdom, which is where money helper comes in. They can provide you with free guidance, but for advice tailored to your own needs, you'll need to speak to a financial advisor. In some situations, getting advice is a legal requirement, like if you have a defined benefit pension, sometimes more fondly called a final salary pension. There's a bit more to moving this type of pension. And if the value is 30,000 pounds or more, you'd have to seek financial advice.

(02:09) Of course. Another product of moving jobs is finding your old pensions, who remembers the name or account number of their first pension. If you do remember some of these details, then contacting your old pension provider or old employer is a good place to start. If not, the pension tracing service is a free government service that lets you track down the golden oldies of your employment history. Taking stock of your pensions will be one tick on the life admin to-do list. And who knows, with over 26 billion pounds in unclaimed forgotten pension pots, you might even uncover a lost treasure.

Additional support

Why transfer your pension to Aegon?

How to bring your pension pots together?

How do I transfer into my workplace pension?

How do I transfer in any old pensions?

Additional resources

Find out more about our seven key areas of focus as we continue our sustainability journey.

Sustainability Matters

Making a positive impact is a key element of our strategy and is integral to our daily decision-making. We recognise that as a business we can, and want to, make a difference. Find out more about our commitment to making a positive impact.

Read our sustainability brochure

Additional support

Corporate sustainability

Our IGC makes sure we deliver value for money and holds us to account  in placing your interests first. Giving you peace of mind. 

Financial wellbeing is how you feel about the control you have over your financial future – and your relationship with money.

Investment options explained

A guide to what you should know about investing your money.

00:04

Whether you’re saving for retirement, a child’s education or a dream holiday, the funds you invest in can make a big difference to how your savings grow.

00:14

When choosing which funds to invest in, it’s important that you understand what you need the outcome to be, and find the funds that can help you achieve your goals. For example, you should think about:

00:26

What do you need from your investment?

00:28

How much do you need your funds to grow to meet your saving needs?

00:32

What’s your risk appetite?

00:34

All investments carry some degree of investment risk, and may fall as well as rise. Generally speaking, riskier funds have better long-term growth potential than less risky funds, but they’re also more likely to fall in value.

00:47

Less risky funds are less likely to fall in value, but the downside is that they tend to grow more slowly.

00:54

In all cases the value of your investments can fall as well as rise and you may get back less than you invest.

01:02

So, you’ll need to work out the balance between risk and growth potential that’s right for you. You could take some financial advice to help you with this.

01:09

Do I need to invest long term or short term to reach my goals?

01:14

If you’re investing for the long-term, say ten years or more, you may be more prepared to weather some market ups and downs in the hope of achieving greater long-term returns. But if you need to access some, or all, of your money in the near term – for example – if you’re taking an income from your retirement savings – you’re likely to be more concerned about short-term falls.

01:35

Once you know your investment needs, the next step is to find the funds that best match them. Investing in a mix of different funds will mean you aren’t relying on the success of one region or investment type alone.

01:48

Fund factsheets and Key Investor Information Documents are a great place to start to find out about each fund. They'll tell you everything from what type of fund it is, how it's managed, its past performance and how much risk it takes. You can read these on your customer dashboard by selecting the fund you're interested in.

02:08

Please remember that the value of investments can fall as well as rise and you could get back less than you invest. So, if you’re at all unsure about what to invest in or would like to talk it through, you should get some financial advice or guidance.

Additional support

What is investing?

What is a default fund?

ARC workplace choices

Selecting alternative funds

How do I switch funds?

Responsible investment

 

My retirement options

Take a look at this short video explaining your options for taking your money at retirement.

00:00:00 - 00:24:18

What are my options for taking my money? On your 55th birthday, you can take the money you've saved in your pension pots. There are several ways you can take your money. So let's see what these options are. Set up a guaranteed regular income. You can use your savings to buy a guaranteed income for the rest of your life, known as an annuity.

 

00:24:20 - 00:50:05

There are different types of annuities, and you get to choose the type you want just for yourself, one that carries on to your spouse if you die first, one that stays at the same amount or increases over time. An annuity income may be smaller than the other options, but it might be right for you. If you want peace of mind of not running out of money. Take a flexible income.

 

00:50:05 - 01:12:06

You can take a lump sum or regular sums from your pension pot when you want, and the money left in your pot stays invested. This may give your pension more chance to grow, but remember, the value of your investments can fall as well as rise and isn't guaranteed. You may get back less than you started with. Take the whole pot.

 

01:12:10 - 01:35:20

You can take part or all of your pot as cash in one go, but you should consider how much tax you'll have to pay before doing this. It's also worth remembering the more you take now, the less you'll have in the future. You can also take a combination of these options too. For all options, you can take the first 25% as tax free cash.

 

01:36:01 - 01:56:20

The remaining 75% will be treated like your salary, and you'll be taxed at your current income tax rate when you take it. If you feel like you don't need to take your pension pot just yet, you don't have to. You can leave your money where it is and take it when you need it. Which option could be right for me?

 

01:56:22 - 02:27:23

It's up to you how you take your money. Our Aegon Assist team can give you free expert guidance and information to help you decide what's right for you. Whilst the team can give guidance, they can't give advice. Pension wise, a service from MoneyHelper is a free and impartial government service offering guidance about your retirement options. The service is available online at MoneyHelper by phone on 0800 138 3944.

 

02:28:00 - 03:06:06

Or face to face by appointment. Remember, it's important to review the options carefully and you should shop around to find the best deal before making a decision. This information isn't intended to be financial advice. If you're not sure or need advice, please speak to an authorized financial adviser who may charge you for advice. If you don't have a financial adviser, you can visit MoneyHelper to find the right one for you.

 

Additional resources

MoneyHelper