Taking the right steps towards retirement Pension planning might not be very high on your ‘to do’ list, but it’s important. If you’re saving into the RBS Group Retirement Savings Plan (RSP) then that’s a good start, but what else can you do to plan ahead? It may seem a long way off, but taking the right steps now can help you on your way to a more comfortable retirement in the future.

Here are 7 steps to help you on your way.

Learn about how the Plan works The RBS Group Retirement Savings Plan is simply a pot of money that you build up over time to help save for your retirement. The bank pays money into the Plan on your behalf from your ValueAccount, and you can choose to pay more if you wish. You can access your Plan at any time after age 55, although remember that it’s primarily designed to help you save for your retirement. There are various ways you can access your money, you might choose a guaranteed income for life, flexible access to your money, or even to take your money in one go. You can find out about what your pension plan has to offer and why it’s a great way to save for your future. The RSP website overleaf is a good place to start.

‘Have a look at the Plan’s useful Welcome Video’

Understand how the money in your pension is invested You can choose how your money is invested. If you’ve not made your own decision then, like most people, your money will be invested in a default investment option. There is lots of information and tools to help you on the RSP website shown overleaf. This will help you understand what investing is, the relationship between risk and reward and the choices available to you.

Manage your pensions Make sure you keep up-to-date information about any other pensions that you have. If you’ve lost track of any, then this government service will help you trace them here. If you have other pensions, you might want to seek advice about combining them into one. It’s also worth checking your State Pension entitlement and your State Pension Age here. You can also manage your Plan online, for example, check the value of your Plan, keep your personal details up to date, adjust your target retirement age, and research and amend your investment choices. Importantly, you can also complete the Nomination of Beneficiaries Form (see Step 5). You can manage your account here.

Do some list-making and number-crunching How much money might you need to retire? Consider the essentials, extras, luxuries and one-off spending needs you might have. Can you afford to save extra now? Are you on track? You can find some very useful tools in the ‘helpful resources’ section of the RSP website to help you answer some of these questions.

Plan for the worst If you die before using the money in your pension then it can be passed on to whoever you wish. It’s important to ensure that your employer and pension providers know how you would like your money to be used should you die before you retire. You can keep them informed by completing a Nomination of Beneficiary form; some providers call this an Expression of Wishes. You can do this here.

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Avoid being scammedUnfortunately, pensions are a common target for scammers. If someone contacts you out of the blue and says they can help you access your pot before the age of 55 it’s likely to be a scam. A ‘cold call’ about your pension is illegal and the caller is likely to be a fraudster. You should end the call immediately and alert the Information Commissioner’s Office (ICO).

Most scams offer a tempting way to invest your pension pot. These offers are usually fake or misleading and can appear very convincing. If you transfer your money into a scam, then it will be too late. Not only could you lose all your pension money but you could also face large fees and a tax bill of up to 55%.

To find out more about avoiding scams and how to protect yourself, you can visit Pensionwise

Make a dateTime comes around fast so it’s a good idea to put a note in your diary to review things annually.

Useful information Keep these helpful links handy for when you start your pension planning:

RBS Group Retirement Savings Plan website:https://www.legalandgeneral.com/workplacebenefitsResp/rbs/

You can manage your account here:https://www.legalandgeneral.com/workplacebenefitsResp/rbs/mya/

You can get this and other documents from us in Braille or large print by contacting us.

LV= offer a range of pension and investment products from the Liverpool Victoria Group of companies. We also offer investment products from a limited number of other companies, and annuity products from the whole of market.Liverpool Victoria Friendly Society Limited: County Gates, Bournemouth BH1 2NF.

LV= and Liverpool Victoria are registered trading styles of Liverpool Victoria Friendly Society Limited (LVFS) and LV= and LV= Liverpool Victoria are trading styles of the Liverpool Victoria group of companies. LVFS is authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, register number 110035. Liverpool Victorial Financial Advice Services Ltd (LVFAS), registered in England No. 3027145, is authorised and regulated by the Financial Conduct Authority, register number 186890. LVFAS is a wholly owned subsidiary of LVFS. Registered address: County Gates, Bournemouth, BH1 2NF, Tel: 01202 292333.

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If you are aged over 55 and are considering accessing your pension pot, then take a look at the advice services available from LV=, in collaboration with Legal & General:

Call 0345 070 0008 Lines are open 8:30am – 7pm Monday to Friday and 9:00am – 12pm Saturday.

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Financial advice is provided by LV=. Alternatively contact your usual financial adviser or search for an adviser at www.unbiased.co.uk

Please be aware Legal & General helpline staff cannot provide financial advice.

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