Target retirement age

It is important to plan your investments around when you hope to retire.

Key information for the Default strategy is the date when you hope to retire – which is known as your target retirement age. You can choose any age from 55 (but please note, if you joined on or after 4 November 2021, then this minimum pension age will increase from 55 to 57 from April 2028).

There is a box on the investment switch form where you can state your target retirement age or you can log into your Account. You can change the age at any time and the administrator will then adjust the switching programme as reasonably practicable.

Age 55 is the current legal minimum retirement age (this will increase to 57 in April 2028 for members who joined FuturePlanner on or after 4 November 2021) – although clearly, you need to be realistic about how much saving would be needed if you want to retire as young as that.

If you do not select a retirement age, the Trustees will assume that you wish to retire at State pension age. This is because the State pension is a significant part of retirement savings and many people will plan to draw all their pensions at the same time.

If you are not sure what your State pension age is, you can check your State pension age.