Taking action with your DC pension

Increasing your contributions

We know saving into your pension early in your career might not be a priority when you might have other things to save for (e.g. a wedding or house deposit). Hear from a GSK colleague who started saving into her pension from age 19.

How to increase your pension contributions

To see how to change your contributions, please follow this video detailing the steps you need to take.

How to use the Retirement Modeller

To see how to use the Retirement Modeller, please follow this video for a demonstration.

Please note, the changes made in the modeller are for demonstrative purposes only to assist with retirement planning. To change your pension contributions, please watch our video in the 'Increasing your contributions section above. You can change your Target Retirement date through the Willis Towers Watson ePA Portal > My Pension > Change Target Retirement Date.

Changing your Target Retirement Date

What is my Target Retirement Date?

The default Target Retirement Date is the date of your 65th birthday, but you are able to change this to any date between your 55th and 75th birthday.

Why is my Target Retirement Date important?

You are not required to start drawing your pension at your Target Retirement Date, but your investments will start moving towards typically less volatile assets from 15 years prior to your Target Retirement Date. This means your pension pot is less likely to go up or down in value, however this isn’t guaranteed.

Why should I review my Target Retirement Date?

Your Target Retirement Date is something you should start thinking about as soon as possible as it impacts your investment strategy.

We suggest reviewing your Target Retirement Date at least 15 years before you plan to retire, and again 5 years before so that your investments remain aligned to your retirement plans.

How do I change my Target Retirement Date?

The video below shows you how to change your Target Retirement Date, should you want to do so. Please contact us if you have any questions: UK.Pensionsteam@gsk.com