Three things to do now.
We understand that everyone has busy lives and that your pension might not be your top priority right now. But your pension is a crucial part of planning for your future, and regular check-ins are important to make sure you’re on track for the future you want.
If you have only 10 minutes to spare, here’s three important things to do now.
Log into Money4Life.
Money4Life is your secure, online pensions portal, managed by the Plan’s administrator, Scottish Widows. It gives you easy access to information about your pension savings in the Plan – anytime, and from anywhere that you have access to the internet.
Once you’ve logged in, you can:
- See how much you’ve got saved so far.
- Look at, and make changes to, how your savings are invested.
- Check and update your Target Retirement Age (TRA) – the age that you think you might start to take your pension savings.
If you have any problems with logging into Money4Life, or if you haven’t logged in before, take a look at Scottish Widows' guide to getting online. Or, you can contact Scottish Widows for help.
Did you know?
That between April and June 2024 there have been
logins to Money4Life.
Were you one of them?
Check if you’re on track for the future you want.
Once you’ve logged into Money4Life, you can see how much you’ve got saved in the Plan so far. But if you’ve got no idea what you’ll need in the future – or what your pension pot might look like when you want to retire – then you’re not alone.
If you’re aged 18 to 75, you can use Scottish Widows' Future Lifestyle tool to help you think about what you’ll need, so you can decide if what you might have will be enough.
Generally, there are three things that will impact how much you’ll have saved in your pension at retirement:
1. How much has been paid into your pension.
You’ve stopped working for T. Rowe Price, so neither you nor the company are paying into your Plan pension.
2. How your investments perform.
Find out more about your investment options in the Plan.
3. When you choose to take your pension savings.
You can check and update your Target Retirement Age (TRA), the age that you think you’ll want to start to take your Plan pension savings, once you’ve logged in to Money4Life.
If you haven’t chosen your own TRA, it will likely be set at age 65. But, you can take your pension savings anytime from age 55 (increasing to age 57 from 6 April 2028) – so make sure that your TRA reflects your retirement plans.
Did you know?
of members who no longer pay into the Plan have a
TRA of 65
Is yours right for you?
That the average age of members who no longer pay into the Plan is
years old
That only
member who no longer pays into the Plan changed their TRA in the last 3 months?
Is now a good time to check and update yours?
Make sure you’ve let us know who you'd like your beneficiaries to be for your pension savings.
It’s hard to think about the unthinkable, but – should the worst happen – we need to know who you’d like to leave your pension savings to.
If you don’t think you’ve let us know, or if your circumstances might have changed – for example, you’ve got married or divorced, or welcomed a child into your family – then it’s a good idea to complete a form to let us know your wishes today
You can let us know your wishes in two ways:
Did you know?
That only
members who no longer pay into the Plan have updated their beneficiary via Money4Life since December 2019?