Your longest holiday
You can think of retirement as being your longest holiday – one that stretches not for days or weeks, but for years.
Retirement marks a change from structured routines and responsibilities to a more open, self-directed chapter of life. Like any great holiday, it offers more freedom, with the chance to explore new interests, revisit old passions, and spend time with the people who matter most.
As with any normal holiday, retirement needs thoughtful preparation and planning if you’re going to get the best from it.
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.
Now’s the time to start thinking about what you want from retirement and how to achieve it
With around seven years to go until you reach the age when members normally start taking their Plan retirement benefits, it’s time to start looking ahead and thinking about what you want from your longest holiday.
First, you will need to be able to answer three key questions:
- How much will I need?
- How much do I have?
- When do I want to retire?
Choose a heading from the menu below:
How much will I need?
There’s no single answer to how much you’ll need, your situation is unique. Your financial goals will depend on your commitments, family needs, health, and how you want to spend your time.
How much do I have?
Now is the time to look at what savings you have. You’ll need to add up all the savings and investments you have.
When do I want 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 don’t take your benefits by age 75.
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.