If you’re getting close to retirement and want to think about how much income you’ll need, you might find it helpful to look at the Retirement Living Standards produced by the Pensions and Lifetime Savings Association (PLSA): retirementlivingstandards.org.uk

Earlier this year, the PLSA published a new set of figures, increased to take account of the rises in the cost of living and greater expectations for grandparents to provide financial support to grandchildren. These figures suggest a single person will need an income of just over £31,000 in retirement to support a moderate standard of living, with a married couple needing £43,000.

The Retirement Living Standards website gives more information about how these figures have been calculated, along with suggested incomes required for a minimum or a more comfortable standard of living. They can be a really helpful guide for your financial planning, so we suggest you take a look. You can then go onto the Member Portal to use our retirement modeller and see how your savings in the Plan measure up.