Managing your pension pot
The goal of having a pension is being able to fund the lifestyle you want when you reach retirement age. It’s all about whether you’re saving enough and whether you’re invested in a way that reflects your current plans.
By keeping on top of these things now, you can make sure you’re doing everything you can to stay on track. You can check how your pension savings are doing using your Mercer Money account.
Over time, your retirement goals or circumstances could change. As life changes, it’s important that you review the choices you’ve made about your pension savings. Your Mercer Money account provides ‘retirement calculators’ and planning support to help you determine if you are on track to meet your goals.
If you are uncertain about what to do, we recommend that you speak to an independent financial adviser. To find an adviser in your local area, visit unbiased.co.uk. Advisers usually charge for their services.
Are you paying enough?
Even if you can only afford to pay a little bit more, any extra contributions to your pension pot will help you build up your savings and give you the best chance of meeting your retirement goals. Remember, IMI will match your contributions up to 8%. You can change your contributions by logging in to your Optimize account.
Are your savings invested in the right place?
The majority of IMI employees' Mercer Master Trust – IMI Retirement Savings Plan pension pots are invested in the default Mercer Smartpath fund called ‘SW Mercer Target Drawdown Retirement’. This is where the fund is actively managed on your behalf.
You can elect to self-select the funds you invest in, but you need to actively manage these investments within the Mercer Master Trust – IMI Retirement Savings Plan to ensure they meet your retirement goals.
You can find out details about the fund your pension pot is invested in and the variety of funds available on the Scottish Widows website or by accessing your Mercer Money account.
Look after your loved ones
If you want to nominate or change who your pension savings should be paid to in the event of your death, you can do so via your Mercer Money account.
This will make it clear who you'd like your savings to go to if you still have money left in your pension pot at that time. The Mercer Master Trust – IMI Retirement Savings Plan Trustees have discretion as to who receives the money, but they will take your wishes into account.
Think about your retirement age
The default retirement age in the Mercer Master Trust – IMI Retirement Savings Plan is 65. This sets how your money is invested in your journey to retirement and how the investments are gradually reduced in risk the closer you come to drawing your pension pot.
You can select your own retirement age and access your retirement savings any time from age 55 currently. But do keep in mind that the younger you are, the longer you are likely to need a retirement income and the smaller your retirement savings are likely to be because your pension pot will have had less time to have built up. So, if you retire earlier, your income is likely to be lower. If your pension pot is not meeting your retirement savings goals, you may wish to increase your retirement age.
You can change your retirement age using your Mercer Money account.
If you are uncertain about what to do, we recommend that you speak to an independent financial adviser. To find an adviser in your local area, visit unbiased.co.uk. Advisers usually charge for their services.
If you are thinking of retiring within the next year, you can get an up-to-date value of your pension pot by logging into your Mercer Money account.
