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Your 10-point New Year pension checklist

Jan 17, 2025
Use this handy checklist to start the year with your pension in order.

 

It’s really important that you take control of your retirement planning, no matter what your age. Retirement might feel far away, but with every year that goes by you’re getting closer to it.

The cost of living is also getting more expensive, so it’s essential that you understand how much your retirement could cost and that you plan ahead, to see if your pension savings are enough to cover it.

Taking some small steps now could make a huge difference to the lifestyle that you’re able to afford in retirement, and this checklist is here to help you on your way. BTP Your 10-point New Year checklist image

1. Register for an online myFund account, if you haven’t already

Planning for retirement has never been easier with your myFund account. Register for a secure myFund account to view your personal pension information and manage it easily online. It’s free to register, and it only takes a few minutes.

2. Update your contact details

It’s important that we always have your correct contact details, so if we need to contact you about your pension, we can do it quickly. If you change your email address, get a new phone number or move house, let us know straightaway. 


3. Make your death benefit nominations

A lump sum of money could be paid to your loved ones if you die before you claim your pension benefits. By making your nominations, you can say who you’d like the money to go to. 

Your Fund pension is currently considered separately to the rest of your estate, and isn’t covered by your will. Making your nominations could help to avoid a lot of unnecessary stress for your loved ones, and prevent delays with the payment being made. 

It only takes a couple of minutes to nominate in the ‘My Pension’ section of your myFund account. It’s important that you keep your nominations up to date regularly, as the person or people you wished to get the money previously may not be the same people you’d choose today. 

4. See how much money you’ll need in retirement

You might have an idea of the things you want to do in retirement. Thinking about the lifestyle that you want when you stop working, and having an idea of how much it might cost will give you a target to aim for with your pension savings, and help you to see if your pension is on track to reach it.

Think about the standard of living that you want 
The Retirement Living Standards (RLS) can give you a general idea of the income you might need when you retire, depending on the lifestyle that you want. You can find more information on the Retirement Living Standards website.

It’s important to remember that the RLS figures are based on a target income after tax and don’t include mortgage, or rent costs. You can add your personal living costs using the Retirement Budgeting Calculator, as shown below. 

Get a personalised estimate of how much you might need
The Retirement Budgeting Calculator gives you a personalised estimate of how much you might need when you retire. It uses the RLS above as a starting point, and lets you add your individual living costs, such as transport, housing and holidays. You can find the Retirement Budgeting Calculator in the Resources area.

When you think about how much money you might need when you retire, remember that your retirement income may be taxed. When you take your Fund pension, it will be included in the amount of your income that can be taxed. You can get an estimate of your income after tax, based on current tax rates, at Gov.uk. 

5. Check how much you’re likely to get in retirement

It’s so much easier to plan for your future if you know what your income might be when you retire. When you know how much you’re likely to get, you can then work out whether it will cover your expected costs.

Request pension estimates
You can request an estimate of your pension benefits to see how much you’re likely to get when you retire, and the options you have at a retirement date of your choice. You can request as many estimates as you like, at any time in the ‘My pension’ area of your myFund account. 

6. Think about your other sources of retirement income

Your State Pension, savings or investments could help you reach your savings target. Find out what they’re likely to be worth and add them together, to see how much retirement income you might have in total.

Trace old pensions
If you’ve changed jobs you might also have other pensions, or you may have had a private pension. The Pensions Tracing Service can help you track old pensions down if you’ve lost their details.

7. Pay more in, if you can

Paying a little extra on top of your regular pension contributions when you can, while you’re working, could mean you’re able to have a more comfortable retirement. It might even mean you can take more money as a lump sum, or pension when you retire.

Paying into Additional Voluntary Contributions (AVCs) might be a good idea because:
• You can pay in as little as £2 a week, and you can change or stop these payments any time
• You can make one-off payments if you want to
• You get tax relief on the money you pay in (up to pension tax limits)

There are 2 AVC arrangements in the Fund:
• BRASS – for members of the 1970 Section, and
• AVC Extra – for members of the 2007 and CARE Sections. It is also open to members of the 1970 Section who already pay the maximum amount that you can pay into BRASS and still want to pay more.

8. Check and monitor your investments regularly

If you pay AVCs, your contributions are invested in a range of funds with the aim of helping them grow over time. 

You choose how your contributions are invested, and how these funds perform determines how much money is in your pot. The value of investment funds can go up, as well as down. That’s why it’s important to understand your options, and check your investments regularly to see if they’re still working for you. You can check and manage your investments at any time in your myFund account. 

9. Take financial support and advice

If you’re making a big decision about your pension this year, or at any other time, we strongly recommend you take financial support and advice. Speaking to a financial adviser could have an upfront cost, but it may help you in the long run, to make the right decision for your circumstances. There’s also free financial guidance available.
 
Watch out for pension scams and fraudsters. They often pose as advisers, but they’re actually out to steal your pension savings.


10. Take control of your financial wellbeing with MoneyFit

After the expensive festive period, you might be entering the new year feeling stressed about money. 

MoneyFit can help you manage your money beyond your pension. It offers help and support to deal with money stress, including budgeting tips and debt management, plus links to some useful free resources. You can learn more on the Help and Support page at MoneyFit.