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Approaching retirement
50 - 60

Make a start on planning how you’re going to use your money at retirement

As you get closer to retirement it’s important to think about your retirement goals. You may wish to consider the age you’d like to retire at, the kind of lifestyle you want to lead when you stop working and how much you will need each year to live off. You should also think about how you want to take your pension to fund your retirement. You can find out more about the options available to you under the Retirement section.

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When can I draw my pension?

You can choose to take your money between the age of 55 and 75 but from 2028 onwards 10 years prior to your State Penson Age. You may also want to check your State Pension Age as this may not necessarily be the same as the Scheme’s Normal Retirement Age of 65. You can check this at www.gov.uk/state-pension-age.

You will need to start thinking about when you wish to retire and the options you wish to take from your pension bearing in mind the earlier you retire the longer your pension will have to last.

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How much do I need?

You should review your pension savings regularly to see if you will have enough to live off in retirement. Now is a good time to think about if you need to pay additional contributions or change your retirement age to increase your pension savings and keep on track for the retirement you want.

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Is it too late to pay more?

The longer your money is invested the more chance it has to grow. Even if your extra contributions are only invested for five or ten years, if you get positive investment returns, you will have made more money for your pension.

All contributions you make to the Scheme are voluntary but can make a big difference to your retirement fund. You can find out more information by visiting the contributions section or use our Pension Planner tool to see how your retirement fund may be impacted by what you pay in.

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What happens to my pension if I leave the Bank or the Scheme?

If you have been a member of the Scheme for more than 30 days, then your Pension Account will remain invested in the Scheme until you decide to use your pension with the Bank when you retire or transfer it to another scheme. Don’t forget, you can keep track of your investments by logging in to your pension portal at any time and we’ll send you a benefit statement every year to help you keep track of your Pension Account.

Remember to let the Scheme know if your details or personal circumstances change. It's also important to keep your Nomination Form up to date to let the Trustees know who should receive your pension benefit should the worst happen.

If you are still working for Handelsbanken you can do this by contacting your HR department. If you have left employment, please contact Capita using the details on the Contact us page.

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