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Saving more

How topping up your pension could help pay for life after work.

Planning for the future

Wherever you are on your pensions journey, planning ahead could help you afford the retirement you hope for.

Find out below how to set your own retirement target and save more towards it with Additional Voluntary Contributions (AVCs).

Set a savings target

Will you have enough money to live the kind of life you want when you retire? Follow these 3 simple steps to find out and give yourself something to aim for.

Step 1- Work out how much you’re likely to need in retirement 
A grid showing how much 3 different levels of retirement lifestyle might cost

The Retirement Living Standards (RLS) offer a general guide to how much you might need when you stop work.

You can also use the Retirement Budgeting Calculator tool for a more personalised estimate. It's based on the RLS but lets you adjust certain figures for a more tailored idea of how much you might need to pay for the retirement you want.

Remember, the Retirement Living Standards and Retirement Budgeting Calculator figures are based on the income you may need after tax.

Step 2- Work out how much you’re likely to get in retirement 

You may have several sources of income when you retire.

Find out what each of them are likely to be worth and add them together to see how much income you might have in total.

Some of your money may come from:

  • your Fund pension – check your Annual Benefit Statement or request an estimate to find out how much your pension might be worth when you retire.
  • your State Pension – the amount you receive is set by the government. You can request an estimate on the government’s website.
  • other pensions – you may have a private pension or pensions linked to previous employment. You’ll need to speak to each of the providers individually for estimates on those accounts. If you’ve lost their contact details, the Pensions Tracing Service may be able to help. It’s a free, government-backed, service available online and over the phone on 0800 731 0193. Other companies offer a similar service but many charge a fee. Visit the government's website to find out more.
  • savings and investments – if you have savings outside your pension, get those statements from your bank or other provider
Step 3- Compare what you're going to need with what you're likely to get

If there’s a difference between the 2 figures, and you don't think you'll be able to pay for the retirement  you want, then you may need to make some changes.

This could include:

  • adjusting your lifestyle
  • changing your retirement date or
  • saving more (as detailed below)

Look at what you can do if the numbers don’t add up

If you’re worried that the income you will have when you stop work won’t cover your expected costs, there are a number of things you can do before you stop work. This includes:

Topping up your pension

If you want to save more for retirement, you may be able to ‘top-up’ your pension by paying Additional Voluntary Contributions (AVCs).

AVCs are extra contributions you pay into the Fund, on top of the regular contributions you and your employer pay in.

The money you pay into AVCs is invested in a range of funds with the aim of increasing your retirement income. You can manage the funds yourself, or have them managed for you.

Why paying into AVCs might be a good idea:
  • you can pay in as little as £2 per week
  • you can stop these at any time to suit your circumstances
  • you can make one-off payments if you wish 
  • you get tax relief on the money you put in (up to the Annual Allowance)
  • if you earn extra money, like overtime and bonuses, that are not part of your pensionable pay, this money can be used to boost your potential retirement savings
  • it's a great way to save a bit more towards your future
  • if you're thinking about taking your benefits early (if you are eligible), AVCs could help top up your pension beforehand 

The Fund offers two AVC arrangements: BRASS and AVC Extra. BRASS is the main AVC arrangement for members of the 1970 Section.

AVC Extra is the main AVC arrangement for members of the 2007 and CARE Sections, and is also open for 1970 Section members who are already ​paying ​maximum BRASS contributions.

Only active members of the Fund can save extra towards their pension with BRASS and/or AVC Extra.

Visit the saving more area of the website for further information about BRASS and AVC Extra.

If you need help and advice with your financial decision making, visit the guidance and advice page.

Clear your debts

If possible, pay off any debts you owe before you retire.

If you need help and advice with your financial decision making, visit the guidance and advice page.