The pension benefits you get from the Plan are likely to be just one part of your overall retirement savings. You may have savings in a personal pension, other Mitchells & Butlers pension plans, including any AVCs, workplace pension schemes from previous employers, other private investments and the State Pension.
No matter how far away retirement is for you, it is always worth thinking of that bigger picture. What have you got and where? What might that look like when you come to take your benefits? Knowing this will help you decide:
If you have lost touch with a previous employer’s pension scheme, you can trace the scheme’s contact details using the government’s pension tracing service. And you can find out more about the State Pension here.
Once you know how much you are likely to get from your other pension schemes and the State Pension, this can be a great starting point to work out how much you need to save between now and retirement to build up enough money for the income you want.