Top

Building
30 - 49

The more you invest now, the less you need to worry later. Do you think you could live off just £221.20 per week? This is currently the maximum State Pension, so even though you are still some way from retirement, it’s worth thinking about how much money you have saved with Handelsbanken and how to build more.

Top

How much should I be saving?

You need to think about what kind of lifestyle you want in retirement to work out how much you need to save. What you put away now makes a big difference later and the longer your money has to grow in your Pension Account the more you’ll have in retirement.

Top

When can I draw my pension?

You can take your pension at any time from the age of 55, increasing to 57 from 2028. The Scheme’s Normal Retirement Age is 65, however the choice of when to retire is up to you. You can check your State Pension age by going to https://www.gov.uk/state-pension-age. You will need to decide how you want to use the money from your Pension Account to fund your retirement. You can find out more about the options available to you under the Retirement section.

Top

How does my pension grow?

Contributions are paid into your individual Pension Account and the money is invested according to your investment instructions. The aim is to grow the value of your pension over time to provide you with a sufficient fund for your retirement. You can view and change your investment choice at any time by logging in to your pension portal.

Top

Can I afford to pay more?

You are not required to contribute to the Scheme, however it’s important to remember that the more you save now, the higher your pension is likely to be at retirement.

You can make Additional Voluntary Contributions (AVCs) as a fixed monthly amount or a one-off payment subject to restrictions. You can find out more information by visiting the contributions section or using our Pension Planner tool to see how your retirement fund may be impacted by what you pay in. You will receive income tax relief on any contributions you pay and if paid via salary sacrifice you will also receive National Insurance relief.

Top

What happens if I leave the Bank or opt out 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.

Remember to let the Scheme know if your details or personal circumstances change, for example if you move to a new house or start a family. 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.

Top