Your longest holiday is getting closer
Now’s the time to start getting retirement ready!
You’re now only a few years away from the age most members start taking their Plan benefits. That means it’s time to start planning so you’re ready to begin your longest holiday.
There’s a lot of things to consider, and many decisions you’ll need to make. Not least of these is when you want to retire. Will that be in five years’ time? Perhaps earlier than that? Or do you want to hold on and take your benefits sometime beyond when most members choose to do so?
Your answer is likely to depend on how you want to spend your longest holiday, the budget you’ll need to achieve that and what your benefits (and any other savings) are worth.
Once you have an idea of when you might want to retire, you will need to think about how you want to take your benefits. For most members, that’s likely to be as a regular pension income, maybe with a cash lump sum. But there are other options which may better suit you, your aspirations and your personal circumstances.
Scroll down the page to find out more.
Disclaimer
Neither the Trustee nor Trafalgar House can provide you with financial or legal advice. The information here (and that on the rest of this website) is for guidance purposes only. As such, you should not treat it as advice.
Answering your questions about retirement – join us for a FREE webinar
Answering your questions about retirement – join us for a webinar
Paid for by the Trustee and designed for members not yet ready to retire (but starting to think about doing so), this 75-minute online session covers a variety of topics, including:
- What your retirement could look like, how much you’ll need and finding out if you’re on track
- The options available to you for providing a retirement income (and the pros and cons of each one)
- How your benefits build up in the Hewlett Packard Retirement Benefits Plan
- Taking financial advice when you’re ready to retire
The session concludes with a questions and answers session.
The webinar is run by pension experts from Origen Financial Services, a firm of professional advisers, regulated by the Financial Conduct Authority.
Click here to find out when the next webinar is happening and to book your free place.
Your longest holiday checklist
- Get an idea of when you want to retire
- Understand what income you’ll need to retire and how much you have
- Sign into the My Work Pension portal to see what your Plan benefits are worth
- Check in on your AVCs to make sure they’re invested in the right ways for you
- Start to understand what your options are for taking your benefits
- Take part in a webinar (paid for by the Trustee) to get professional guidance
- Get a State Pension forecast and consider topping up your National Insurance record (if you’re able)
Choose a heading from the menu below:
Thinking about when to retire
The plan is set up to allow members to start taking their pension from the age of 60. However, you may be able to retire earlier than this. You can also choose to retire later than 60, but there may be tax implications if you delay taking your Plan benefits beyond age 75.
Your finances in retirement
Budgeting for your retirement is essential to ensure long-term financial security and peace of mind. It involves estimating your future income from sources such as pensions, savings, and investments, then comparing this with expected living expenses.
Options for taking your retirement benefits
When you come to retire, there are many options open to you. Some you will be familiar with, others you may not be. What’s right for you will depend on your personal circumstances
Further guidance and taking advice
MoneyHelper
You can get free information and general guidance on pension planning, including state, personal and workplace schemes on the MoneyHelper website,
Pension calculator
MoneyHelper offers a free calculator designed to help you estimate what your likely retirement income could be. You can find it on their website, www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics/use-our-pension-calculator.
Professional financial advice
Research shows people who take ‘at-retirement’ financial advice are almost always better off than those who don’t. A professional financial adviser will look at your personal circumstances. They’ll give you impartial advice about the choices you have for taking your pension benefits, and they’ll advise on the appropriate options for you.
Financial advice paid for by the Trustee
When it comes to taking your benefits from the Plan, the decisions you make can have a big impact on your income in retirement.
Because of this, the Trustee will cover the cost of an advice session with a firm of qualified advisers called ‘Origen Financial Services’. This is an extremely valuable benefit and one we strongly encourage you to take advantage of.
When should I take advice from Origen?
Timing is important as the Trustee will only cover the cost of one session with Origen Financial Services.
Ideally, you’ll take this advice at the point you think you’re ready to retire.
You can find out more about how Origen’s service works and how it can help you by watching this short video.
When you’re ready to take financial advice…
Simply get in touch with Origen by calling:
0800 152 2014
or emailing:
HewlettPackard@origenfs.co.uk
Before you speak to Origen Financial Services, it’s
a good idea to get a retirement pack from the Scheme’s administrator, Trafalgar House. You can ask for one by either signing into your My Work Pension account at:
www.myworkpension.co.uk
or calling
0208 090 8051
Don’t forget, you can register to take part in a webinar hosted by Origen and paid for by the Trustee at any time. To find out when the next webinar is happening and to book your place, go to:
URL TBC
Finding your own financial adviser
If you would prefer to find your own financial adviser, you can do so by going to www.unbiased.co.uk Please remember, the Trustee will only cover the cost of an advice session with Origen Financial Services.