Focus on… age 55 to retirement
The Savings Trust offers a lot of flexibility at retirement, which is why it’s important to take advice and start to see what your fund can offer you.
All members
Retirement advice from WPS Advisory
You wouldn’t buy a new house without seeking professional help to protect your big investment, so why go it alone when it comes to retirement?
There’s a lot of choice and flexibility when it comes to taking your Rolls-Royce Retirement Savings Trust benefits, and if you want to make the best choice for your personal circumstances, it’s a good idea to get regulated retirement advice when building a retirement solution that works for you.
We’ve selected WPS Advisory to help you with this. If you’re a current Rolls-Royce employee aged 55 or over who’s leaving employment, we’ll pay for the cost of an initial advice session with WPS. And we’ve negotiated special rates for all other members, who can access the advice service from the age of 55.
Find out more about what’s included and how much it costs using the links below.
Our retirement advice journey plan explains the process for current employees, but the same principles apply if you’re a former employee of Rolls-Royce. This lets you know in advance exactly how the advice process works and who’s responsible at every step of the way.
You can register for the advice service up to four months in advance of your chosen retirement date. Current employees should head to Employee Hub and search ‘retirement advice’ to find out how this works alongside leaving employment, as you can’t take your Savings Trust benefits while you work for Rolls-Royce.
Important note
If you’re still employed at Rolls-Royce and were a member of the Rolls-Royce UK Pension Fund on 31 December 2020, the registration process is slightly different. Please log in to your member account at www.rolls-roycepensions.com and go to the Retirement Planning and Financial Advice page to find out more.
Minimum Retirement Age
From 6 April 2028, the Government is amending the age at which you can start to receive retirement benefits from 55 to 57 years of age.
However, the minimum retirement age of 55 will be protected for some members.
If you joined the Savings Trust before 4 November 2021, your minimum retirement age of 55 is protected. If you joined after this date, it’ll rise to 57 years of age from 6 April 2028.
See our Bizesize Brief for the detail.
Retirement options
We’ve mentioned there are lots of retirement options open to you, and this useful summary of all of them from MoneyHelper is a good place to learn about them in one place.
An overview of your retirement options
Also from MoneyHelper, these simple and free-to-use retirement option tools can help you get an idea of what your savings might provide, before you start to formally consider your retirement options.
Don’t forget the State Pension!
The State Pension is now £11,973 a year for most people. Find out how much you’ll get, what age you can claim it from and lots more at the gov.uk website.