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Pension Planner

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Pension planner

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SKIP INTRO
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Your details

Before the modeller can calculate how much you may need to save for your retirement we need some more information on your current level of pension savings. Please enter your information below, if you’re unsure what value to put please select the question mark at the side of the screen. You'll be able to find most of this information on your latest Pension Statement through Telefónica Rewards



NO
Yes
£
£
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Your investment choices

You may have actively decided how to invest your funds. Select the option that currently reflects your investment choices. You can find this information in your latest pensions statement.



Getting ready for
income drawdown
Getting ready to
purchase an annuity
(default)
Getting ready to
cash out

Your investment choices

Use the inputs below to define how your self select funds are invested.
Total investments should equate to 100%.



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%
%
%
%
%
%
%
%

Do you have other pension benefits?

Do you have other pension benefits? Maybe a final salary / DB pension from Telefónica or from a previous job. The more benefits you have built up from other pension plans, the less you'll need from your Telefónica pension savings to live adequately in retirement. Use the help icons if you need help with the inputs.



Other Defined Contribution (DC)
Only input DC benefits from OTHER pension arrangements. You have already entered your current Telefónica DC savings value in a previous section.


Other Defined Benefit (DB)
Please input information for any DB pension benefits here. If you have a Telefónica DB pension you need to enter that here too.

What should you be targeting?

Studies show that you'll need a retirement income of at least of your retirement salary to live adequately in retirement. This includes income from the State, from any other pension benefits you have and that generated from the Telefónica Plan. This target is a broad estimate but does not take into account your personal circumstances. Use this tool to set your own target. In the 'Contribution Analysis' section you'll see if your contributions will get you to your target.

Estimated annual pay increase
0.00%
Target proportion of salary
50%
£20,000
Target from Telefónica Plan
£15,000
Approx from other benefits
£8,093
From state pension (up to)
This assumes the maximum state pension is paid (you could receive less than this). Based on your date of birth this is due to start at age
Projected values are shown in today's money terms
Inflation assumed to be 2.5% pa
Key messages

Based on your age and inputs so far, consider these key messages and your options.


Projected values are shown in today's money terms
Contribution analysis

Change your contribution level to see how this impacts your projected Telefónica savings. Your current contribution illustration is displayed on the left and your 'what if' contribution illustration is displayed on the right.



Change your contribution here
Your current contribution
-
No contribution change
-
-
-
Changing your contribution
The employer contribution
Estimated savings at age 65
Estimated pay impact
What if you contributed this
-
With contribution change
-
-
-
Projected values are shown in today's money terms
Retirement projections

Move the sliders to see how adjusting your target retirement age will affect your estimated Telefónica savings at retirement.



Update your target retirement age here
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Choose a retirement age
Estimated savings at age 65
How much cash taken?
Cash value
Savings after cash
'What if' retire at this age
65
-
Cash proportion
25%
-
Projected values are shown in today's money terms
Survival analysis


Statistics based on industry standard mortality tables
Retirement income options

Your remaining Telefónica retirement savings after cash (estimated to be around ), and any other benefits you have at retirement, will need to be used to provide you with an income for your retirement. Below we outline some of the main options you have for using your Telefónica savings to provide you with that income. For more detailed information on all of your options please visit the retirement section of the Telefónica pensions website.



Find a financial advisor here
ANNUITY
At retirement you can use your savings to purchase an annuity from an annuity provider. Your annuity will be paid to you for the rest of your life. The amount of income you'll get will depend on the value of your savings, the type of annuity you buy, your age at retirement and terms offered by insurance companies.
DRAWDOWN
There is an alternative option to buying an annuity. You can manage you annual income directly from your savings (like a bank account). This is called drawdown. Over time your savings will reduce as you take money out. Depending on how much you take and how long you live, your savings could run out.
COMBINATION
It is up to you how you manage your income in retirement. In practice you may want to use a combination of these two options, using an annuity to provide you with the security of an income for life, and drawdown to give you the flexibility to take money from your savings when you need it.
Retirement income illustrations

Based on your inputs and options you'll have an estimated available from your Telefónica savings to help you fund your retirement income. This section shows you how much income your Telefónica savings might give you during your retirement.



Find a financial advisor here
If you buy an annuity
Your purchased annuity would give you approximately £8,000 per year for life. You can choose to buy an annuity to meet your needs. For example, you can buy an annuity that continues to pay a pension to your spouse if he/she outlives you. For this illustration we have assumed that you purchase an annuity that increases in line with inflation.
Change Your spouse's proportion
50%
If you drawdown
A retirement savings value of would last until around the age of if you took out £ from your savings each year. For the average person, there is a chance of living to be older than this. You can vary the slider below to see what happens to the income if you make it last for a longer or shorter time. For this illustration we have assumed that the drawdown payments increase with inflation each year.
Illustrate the savings lasting until age
If you combine these
One option could be to use half of your savings to purchase an annuity and use the remaining savings to top up your income.
Another option could be to use the flexibility of drawdown in your early retirement (say the first 10 years) and then use any remaining funds to purchase an annuity for the remainder of your retirement.
Projected values are shown in today's money terms
MAKE A CHANGE

If you're interested in making changes to your pension, for example changing your contribution amount, please use the buttons below.

Increase your contributions Change your retirement age Change your investment choices Update your expression of wish form
HAVE ANY QUESTIONS?

If you have a query about your Defined Contribution (DC) pension or Final Salary / Defined Benefit (DB) pension OR you're having trouble using the site please use the following to get in touch.

Question(s) about my DC pension Question(s) about my DB pension I'm having trouble using the site
NEED ADVICE?

There's a number of ways you could find a financial adviser. Often it can be as simple as asking a trusted friend or colleague who they would suggest. Find out more from the following sites

The Money Advice Service Pensions Advisory Service Pension Wise
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