Retirement planning
The Savings Trust offers a lot of flexibility at retirement, which is why it’s important to get prepared and use the tools and support that’s on offer to you.
The Retirement Living Standards & MyWorkplace’s Retirement Estimator
When it comes to planning your retirement, we recommend starting with a visit to the Retirement Living Standards website. On the site, you’ll find out the level of income you might need after tax in retirement for a minimum, moderate or comfortable standard of living. The figures have been calculated following extensive research into how today’s pensioners are living their lives in retirement, so it’s worth learning from their experiences.
Helpfully, Aviva have incorporated the Retirement Living Standards into their Retirement Forecaster, although the figure you see may be a little higher. That’s because Aviva are showing you what you need before tax to meet the Standards.
Have a look at how you’re doing in MyWorkplace. Go to the ‘Overview’ section and click on ‘Retirement Forecaster’ to get started. You can include other retirement savings and the State Pension to get a complete picture.
Retirement advice from WPS Advisory
There’s a lot of choice and flexibility when it comes to taking your Rolls-Royce Retirement Savings Trust benefits, so it’s good to have someone who can help to create a retirement solution that works for you.
We’ve selected WPS Advisory to help you with this by providing regulated retirement advice, and for most current Rolls-Royce employees who are leaving employment and are aged 55 and over, the cost of the initial advice will be paid for you. Our retirement advice journey plan explains the process for current employees, so you know in advance exactly how the advice process works and who’s responsible at every step of the way.
If you know the date you’re leaving Rolls-Royce and want to get the advice process started early, you can register up to four months in advance of your leave date. Just head to Employee Hub and search ‘retirement advice’ to find out how.
If you no longer work for Rolls-Royce, you can still use the retirement advice service as we’ve negotiated a preferential rate with WPSA.
All Savings Trust members can find out more at www.rolls-roycepensions.com/dcadvice. However, if you’re still employed at Rolls-Royce and were a member of the Rolls-Royce UK Pension Fund on 31 December 2020, the registration process is slightly different. Please log in to your member account at www.rolls-roycepensions.com and go to the Retirement Planning and Financial Advice page to find out more.
More useful resources
Mid-Life MOT
The Government’s mid-life MOT website helps you to start planning for retirement at any time from age 45.
The mid-life MOT provides an instant combined shortlist of work, health and money resources when you choose your current priority. You can focus on improving your work-life balance, understanding your pension, or making healthy changes for a longer life.
Retirement tools from MoneyHelper
These simple and free-to-use retirement option tools from MoneyHelper will give you a great idea of what your savings might provide you with.
