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Give your pension some love this Valentine’s Day

Feb 8, 2023
The world of pensions may seem daunting, but regularly checking in will help you get to know your pension and feel much more prepared for when you stop working. Learn more about how you can give your pension some love this Valentine’s Day…

 

It’s a good idea to log in to your myFund account regularly to stay updated with your savings and make sure your pension is on track for retirement.  

The tasks below will only take a couple of minutes and could make a big difference to your life after work.

Spend time with your savings, register for an online account

To get the most from your Fund membership, register for an online account. Your online account is a secure area of our site, all about you and your pension. When you log into myFund, you can access our excellent range of tools to make retirement planning simpler and keep your pension on track. 

When you log into your online account, you can:
  • Request an estimate if you haven’t yet taken your benefits
  • See what level of income you want to aim for when you’re retired with our Retirement Budgeting Calculator
  • Use the MoneyFit tool to help you manage your money more effectively, so you can plan for the retirement lifestyle you imagine.   

Stay connected, keep your contact details up to date

If you’ve moved house, have a new phone number or changed email address, you’ll need to let us know straight away. We need to have the correct contact details to tell you any updates on your pension as soon as possible. You don’t want to miss out!

The quickest way to do this is through your myFund account. To update your details, go to the ‘My details’ section and click ‘Contact details’. You’ll have 24/7 access to your online account, so you can make changes to your details at a time that suits you. 

Share the love and make your nominations

Look after to those that matter to you by making or updating your nominations online. 

If you die, a lump sum may be paid out if you have not yet taken your pension benefits (or took them within the last 5 years). By ‘nominating’ you tell us who you’d like the lump sum to go to. It’s important to keep your nominations up to date, particularly if your circumstances change.  

Making a nomination is simple. You can make a nomination in the ‘My pension’ area of your online account. Alternatively you can download the Nomination form, complete it and return it to us using the Railpen address on the form.

If you don’t make a nomination, the payment could be delayed, so it’s worth taking a few minutes to nominate those who are special to you.

Make a lasting commitment, keep checking in

Many of us have imagined the lifestyle we want when we retire. Perhaps you’re planning a holiday or to treat yourself to a new car. By registering for an online account you’ve taken the first step towards planning for your life after work. 

To help your savings stay on target, make a lasting commitment to log in and check on your savings as often as you can. Logging in regularly means you can track savings against your retirement goals and in line with your expectations for life after work.