There are some questions you can start asking yourself now to help you decide how much will be enough:

  1. When do you want to take your pension benefits?
  2. Will you still have the same financial responsibilites?
  3. Where else might your income be coming from?

Knowing the answers to these key questions is all about understanding the options you have available, and what you might need in the future.

  1. You could start taking your pension at your Normal Retirement Date (age 65) as an annual income with the option to take some cash.

    You may be able to take your pension early from age 55 (increasing to 57 from 2028). You'll have a lower income from the Scheme. This might be as you've planned, or you could consider working part-time if you wanted to.

    You could delay the start of your pension although you must start taking it before 75.

  2. There are some things you can do now to make sure you have the income you think you'll need when you stop working.

    MoneyHelper offers a good place to start. It will help you think about:

    • How you plan to spend your time
    • Will you have a mortgage or rent to pay?
    • Will you have a car, and will you use it as much as you do now?

    Once you've had a chance to think about these things, you can use the Pension Modeller on MyCitiPension to see what you might get from the CGML Scheme.

    If you don't think you'll have enough money from your current level of savings, you can start thinking about ways to change that - you can change your retirement age or pay Additional Voluntary Contributions. Login to MyCitiPension to find out more about the options available to you.

  3. Don't forget you may also get retirement income from other savings, including:

    • Any Additional Voluntary Vontributions (AVCs) that you've paid into the CGML Scheme
    • Any other workplace pensions you may have (you can trace them through the Government if you've lost track)
    • Your State Pension
    • Any other savings and investments

Your options

How will you be spending your money in retirement? Think about how your expenses might change, and what you'll still need to cover.

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What about tax?

There are tax limits to what you can build up and what you can take from the CGML Scheme when you retire. Make sure you know whether they apply to you.

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Avoiding Scams

Do you know what to look out for when it comes to pension scams? Know what you're up against.

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Looking after your loved ones

Make sure your loved ones are covered if anything happens to you.

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