When you can access your savings

You can access your pension savings at any time after your 55th birthday

Your pension savings provide an income during retirement

Our scheme's default retirement age is 65. You can change this by signing in to your Smart Pension account (you'll find all the details you need in the 'Account' section). While you can access your pension savings any time after your 55th birthday, the government intends to increase the minimum age at which you can access personal pensions to 57 in 2028.

You don’t have to stop working at 55, or when you reach your chosen retirement age. You can carry on contributing as long as you’re an active member of the pension scheme.  

In fact, you might want to carry on working and increase the amount you’re paying in – increasing the amount you can access when you do eventually retire. Or you could turn some of your pension savings into a regular income, topping up your salary or enabling you to work fewer hours.

Your pension savings provide an income during retirement

Our scheme's default retirement age is 65. You can change this by signing in to your Smart Pension account (you'll find all the details you need in the 'Account' section). While you can access your pension savings any time after your 55th birthday, the government intends to increase the minimum age at which you can access personal pensions to 57 in 2028.

You don’t have to stop working at 55, or when you reach your chosen retirement age. You can carry on contributing as long as you’re an active member of the pension scheme.  

In fact, you might want to carry on working and increase the amount you’re paying in – increasing the amount you can access when you do eventually retire. Or you could turn some of your pension savings into a regular income, topping up your salary or enabling you to work fewer hours.

Keep us updated on your retirement age

It's important to review your retirement age regularly and update it if your situation changes. We'll use that date to help us manage your funds in your best interest.

Check your retirement age

Keep us updated on your retirement age

It's important to review your retirement age regularly and update it if your situation changes. We'll use that date to help us manage your funds in your best interest.

Check your retirement age

How will you get access to your pension savings?

You'll be able to access your pension savings in one of three ways:

Flexible income (drawdown)

You may want to take a regular income directly from your pension savings. This will give you the flexibility to have more or less income, as you need it. But you'll still need to manage your investments after you retire and there's a risk that you could run out of money if they don't grow as much as you hoped.

Guaranteed income (annuity)

You may want to use the money in your Smart Pension account to buy a guaranteed income for life from an insurance company. That product is called an annuity. You'll be asked to decide if you'd like that annuity to give you an income that increases each year, and if someone else should receive an income after you die. It's important to shop around and find an annuity that's right option for you (we don't offer annuities); if you have poor health then an enhanced annuity might be appropriate for you.

Annuities can give you the security of knowing that your income is guaranteed however long you live. You can't change your mind when you buy an annuity. It's a one-off decision about how you'll access your pension savings for the rest of your life.

Most members can now access an annuity service. Please refer to the retirement options guide for further information.

Cash

You may want to take your account as a lump sum. You might pay a higher amount of tax if you take a large cash sum.

How will you get access to your pension savings?

You'll be able to access your pension savings in one of three ways:

Flexible income (drawdown)

You may want to take a regular income directly from your pension savings. This will give you the flexibility to have more or less income, as you need it. But you'll still need to manage your investments after you retire and there's a risk that you could run out of money if they don't grow as much as you hoped.

Guaranteed income (annuity)

You may want to use the money in your Smart Pension account to buy a guaranteed income for life from an insurance company. That product is called an annuity. You'll be asked to decide if you'd like that annuity to give you an income that increases each year, and if someone else should receive an income after you die. It's important to shop around and find an annuity that's right option for you (we don't offer annuities); if you have poor health then an enhanced annuity might be appropriate for you.

Annuities can give you the security of knowing that your income is guaranteed however long you live. You can't change your mind when you buy an annuity. It's a one-off decision about how you'll access your pension savings for the rest of your life.

Most members can now access an annuity service. Please refer to the retirement options guide for further information.

Cash

You may want to take your account as a lump sum. You might pay a higher amount of tax if you take a large cash sum.

Can you take out a tax-free cash lump-sum when you retire?

Yes, many people withdraw 25% of their pension savings as a one-off tax-free lump sum, and then convert the rest into a taxable income for life that's known as an annuity. Many decide to take 25% tax free cash and drawdown the rest. However, you might decide to leave your savings invested for longer, to help them grow and improve the income you'll receive overall.

Can you take out a tax-free cash lump-sum when you retire?

Yes, many people withdraw 25% of their pension savings as a one-off tax-free lump sum, and then convert the rest into a taxable income for life that's known as an annuity. Many decide to take 25% tax free cash and drawdown the rest. However, you might decide to leave your savings invested for longer, to help them grow and improve the income you'll receive overall.

Can you access your pension early if you are ill?

If you've been diagnosed with serious ill health, and you are under 55, then you might be able to take out some or all of your Smart Pension savings early. You may have to provide  medical evidence to support your claim in that situation, but your financial adviser can tell you more about this.

Can you access your pension early if you are ill?

If you've been diagnosed with serious ill health, and you are under 55, then you might be able to take out some or all of your Smart Pension savings early. You may have to provide  medical evidence to support your claim in that situation, but your financial adviser can tell you more about this.

Smart Retire can help you manage your pension savings

Smart Retire is an innovative tool for individuals to flexibility plan and manage retirement savings in a personalised way in order to create a more sustainable income in retirement. Built around the idea of four purposeful pots which can be personalised to changing retirement needs, Smart Retire accommodates life’s unpredictabilities. It’s designed to guide individuals through their retirement journey, helping to ensure users avoid under-spending, which can lead to living in poverty unnecessarily, and struggling to make ends meet. It can also help to ensure that users don’t overestimate the growth of their savings and inevitably run out of money unexpectedly during their retirement. 

Members can use Smart Retire in conjunction with personalised advice from a professional independent financial adviser.  

Click here to learn more about Smart Retire.

Smart Retire can help you manage your pension savings

Smart Retire is an innovative tool for individuals to flexibility plan and manage retirement savings in a personalised way in order to create a more sustainable income in retirement. Built around the idea of four purposeful pots which can be personalised to changing retirement needs, Smart Retire accommodates life’s unpredictabilities. It’s designed to guide individuals through their retirement journey, helping to ensure users avoid under-spending, which can lead to living in poverty unnecessarily, and struggling to make ends meet. It can also help to ensure that users don’t overestimate the growth of their savings and inevitably run out of money unexpectedly during their retirement. 

Members can use Smart Retire in conjunction with personalised advice from a professional independent financial adviser.  

Click here to learn more about Smart Retire.

Instant changes to your
pension savings

You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.

Instant changes to your
pension savings

You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.

Instant changes to your
pension savings

You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.

Instant changes to your
pension savings

You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.

Instant changes to your
pension savings

You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.

Instant changes to your
pension savings

You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.

Smart Pension's fund choices

Smart Active Impact Bond Fund

Aims to invest in bonds which have an environmental impact and generate financial return above the global green bond market, taking into account Environmental, Social and Governance issues when selecting investments.

Smart Active Impact Equity Fund

The aim of this fund is to invest in equities which provide growth over the long term (being a period of five years or more) and invest in companies that contribute to the achievement of the United Nations’ Sustainable Development Goals.

Smart All Stocks Index – Linked Gilts Index Fund

Aims to track the return of the FTSE Actuaries British Government Index Linked All Stocks Index, which features UK government bonds with returns linked to the Retail Price Index (RPI).

Smart Annuity Fund

Aims to improve potential outcomes for investors likely to purchase fixed annuities by providing a diversified exposure to assets that reflect the broad characteristics of investments underlying a typical traditional level annuity product, incorporating Environmental, Social and Governance (“ESG”) considerations as part of the investment strategy.

The fund cannot provide full protection against changes in annuity rates for individual members as these also depend upon a number of other factors (e.g. changes to mortality assumptions).

Smart Cash Fund

Aims to maintain capital and provide a return in-line with money market rates by investing in a range of money market securities denominated in sterling.

Smart Ethical and Climate Fund

Aims to track a filtered index, which excludes companies that operate in industries that breach certain ethical criteria.

Smart Global Bond Index Fund

Aims to invest in different types of bonds in the UK and overseas, taking into account Environmental, Social and Governance factors.

Smart Growth Fund – Higher Risk

This fund carries a higher risk of fluctuation to your savings than other growth funds available but has the potential for high growth, though this is not guaranteed.

Smart Growth Fund – Lower Risk

This fund carries the lowest risk of fluctuation to your savings than other growth funds available but also reduced likelihood of a high return. It may be suitable if you are concerned about volatility.

Smart Income Fund

Aims to provide long-term investment growth up to retirement, and to support flexible income during retirement, taking into account Environmental, Social and Governance factors.

Smart North America Equity Index Fund

Aims to provide broad exposure to companies in the North American equity market, taking into account Environmental, Social and Governance factors.

Smart Sharia Fund

Aims to create long term appreciation of capital through investment in a diversified portfolio of securities which meets Islamic investment principles.

Smart Sustainable Growth Core

Aims to take advantage of Environmental, Social and Governance factors by investing more in companies which score well in these areas.

Smart Sustainable Growth Fund

Aims to take advantage of Environmental, Social and Governance factors by investing more in companies which score well in these areas to mitigate Environmental, Social and Governance risks and benefit people and the planet by having a moderate allocation to investments contributing to solutions for environmental and social issues.

Smart Sustainable Growth Plus

Aims to take advantage of Environmental, Social and Governance factors by investing more in companies which score well in these areas to mitigate Environmental, Social and Governance risks and benefit people and the planet by having a high allocation to investments contributing to solutions for environmental and social issues.

Smart UK Equity Index Fund

Aims to provide broad exposure to the UK stock market, taking into account Environmental, Social and Governance factors.

Smart World (ex UK) Developed Equity Index Fund

Aims to provide broad exposure to large and mid-cap companies in the developed world, excluding the UK, taking into account Environmental, Social and Governance factors.

Smart World Emerging Markets Equity Index Fund

Aims to provide access to key emerging economies taking into account Environmental, Social and Governance factors.

Need some help?

You can speak to SAVA, contact us or visit the help centre