Choosing your target retirement age (TRA) helps keep your pension savings on track and could save you money. 

Even if retirement is several years away, choosing a TRA helps make sure your investments (in the lifestyle strategy) automatically stay on track with your plans. The date you choose is used to manage the switching of assets from growth investments into less volatile ones as you get closer to your retirement age. 

If you leave your TRA at 68 but really intend to retire sooner, your savings may be exposed to market volatility too close to your retirement and not have enough time to recover if there is a sudden fall in the markets. Similarly, if you pick an earlier retirement age but your plans change and you work longer, your savings might start to switch too soon and you could miss out on some investment growth. 

If you don’t tell us, we’ll assume your TRA is the same as your State pension age. You aren’t tied in to your TRA and can change it at any time. You don’t need to tell the Company what you’ve chosen. 

Choose a TRA using Manage my pension today!