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.

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

Age 55 is the legal minimum retirement age – 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 (or age 65 if later). 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.

The minimum age 65 for the assumed age affects some women who have a State pension age younger than this. If you are not sure what your State pension age is, you can check your State pension age.