Pension Friend
Pension Friend – a place where pensions are easy…
We are well used to the idea of people having to plan for costly events such as getting married, having children or buying a home, yet planning for our retirement is often neglected. Saving even little amounts over a period of time can make all the difference, so why do many of us leave it until the last minute? Is it because it is a long way off? Or is it because it is harder to keep an eye on than say a standard savings account for example?
Pension Friend is a website developed by rpmi that is designed to help make pensions easier. It gives you instant access to information about your scheme and your pension and you can forecast your future benefits based on what you are paying in now.
The idea behind Pension Friend is to allow you to take control of your future income and to help you manage it in the same way as you would a savings account in a bank or building society. Your pension is, after all, probably the biggest savings account you’re ever likely to have.
Planner
According to the Office of National Statistics 47% of people have no idea how much their income will be in retirement.
You don’t have to be one of them. By using the planner, you can obtain instant illustrations of your pension, lump sum and BRASS figures to help you plan for retirement at different ages.
The orange arrows on the planner page allow you to increase or decrease various factors that will affect your potential retirement income. You can therefore view what your retirement income would be if you increased the age you would like to retire, or the amount you contributed to BRASS for example.
Statements
We all have our own ideas about how we would like to spend our retirement, but it’s important to know whether or not your pension will match those ambitions. So why not find out what your current pension value is by having a look at your Annual Pension Estimate. Just click on the blue ‘statements’ tab at the top of the screen. Your statement is automatically updated for you annually as the new statements are issued.
BRASS
If you discover that your pension is not what you hoped it would be, there may be something you can do. Paying a little extra into an additional voluntary contribution (AVC) arrangement can be a great way of boosting your retirement income. You will find information about BRASS on the website by clicking the purple tab. Taking control of your future couldn’t be easier with up to date BRASS account values and the ability to monitor and change your fund choices, on the site.
If you don’t currently pay into BRASS you will find useful information on BRASS and AVCs in this area, along with a link to download a form if you decide you would like to join.
We recommend that you seek financial advice before altering the allocation of your fund choices. Details of independent financial advisors can be found in the ‘Library’ area of the site.
Personal Details
Changing your personal information on the website is simple. Just click on the orange tab at the top of the screen, make your changes then click continue. The site will then be updated with your most current information.
Library
Pension Friend gives you access to a library of documents and information sources, so you’ll have all the information you need at the click of a button. By clicking on the yellow ‘Library’ tab, you will find:
- your members’ guide;
- forms;
- useful links;
- financial advice contacts; and
- information on safe web use.
To register with the site is easy, simply visit Pension Friend, enter your details and follow the online instructions. You will need your pension reference number to access the site. This can be found on your Annual Pension Estimate. See Quick Links - Pension Friend to visit the website.
The poet Philip Larkin once said that you can put off being young until you retire. If that is the case, then make sure you are putting something away so you can enjoy your ‘second youth’.