Retirement planning

These days people tend to live longer than previous generations. Living longer means that there is an increased need for a reasonable and reliable source of income to provide a good quality of life in retirement.

Your retirement should be something to look forward to – a chance to take up new hobbies, spend more time with family or friends or travel the world – not worry about how to make ends meet.

Sources of information

It’s never too early to start planning for your retirement. Scottish Widows, who are part of the same group as us, are pensions experts and have lots of information and handy tools on their website. Their ‘Change Your Life in an Hour’ guides could help you with your retirement plans, no matter what stage of life you’re at:

Please note that the following links will transfer you to the Scottish Widows website. We are not responsible for the information on their site.

You can also find guidance on retirement planning and budgeting from the Money Advice Service website.

Things to consider

Investments could also help you to achieve your long-term goals, whether it's early retirement, a holiday home, or just making sure you'll have enough income when you retire.

As a starting point, it's worth thinking about:

  • How much income you would need in retirement and how your spending patterns might change once you retire.
  • Any existing workplace pension provisions you may have, how much you are likely to receive and how you could boost any future pension income. Your pension scheme administrator can help here.
  • Any other pension benefits you may receive including any personal pensions, potential state benefits or previous company schemes and when you may receive these.
  • Investing for the longer term in growth funds with a view to retirement, or into a Self-Invested Personal Pension.

Understand the risks


Please remember that the value of an investment and the income from it can go down as well as up and you may get back less than you invested.

If you are in any doubt about making your own investment decisions we recommend you seek advice from a suitably qualified financial adviser.