Life Moments

Retirement and pensions

Thinking about retirement?

From workplace pensions to personal plans and state pensions, with so many options to consider it's no wonder many of us don't like thinking about how we'll pay for our retirement. We want to remove the confusion and help make sure you know the differences between your options.

Types of pensions

Here's a brief overview of three main options available to help you start planning.



Planning for retirement

It’s never too early to start saving for your retirement. With people living longer than ever before, we all need to save more. But because there’s always something more urgent to pay or save for, it’s something that many of us rarely think about.

Read about our key points to consider when planning your retirement below.

4 key things to consider when planning for retirement

  1. 01

    Why save for retirement?

    Put simply, a State Pension may not be enough for you to live on in your later years. How much your State Pension is worth could depend on how many years’ National Insurance Contributions you pay while you’re working along with other criteria. You can find more details on gov.uk.

  2. 02

    When am I going to retire?

    If you keep working until you’re 65, you can expect that you’ll need to live off your pension for at least 20 to 30 years. You don’t have to retire when you are 65 and your employer can’t make you. Your retirement age is different to the age that you’re eligible for a State Pension.

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    Is the age you'd like to retire realistic?

    Work out your state pension age using the gov.uk calculator.
  3. 03

    How much will I need?

    Work out how much you’ll need to live on once you’ve stopped working, factor in extras like bigger energy bills, healthcare and even holidays. You might not need to include things like mortgage repayments and travelling to and from work. Once you’ve done that, take a look at all the pensions you currently have.

    Are you saving enough or should you be putting aside more?

  4. 04

    How do I start saving?

    Whether it be an ISA, private or workplace pension, or even investing in property, the earlier you can start saving, the more time it will give your money to grow. Leaving things until later may mean that the amount you’ll need to save is unaffordable.

    Open a savings account

    NatWest Current Account customers can open one of our popular Instant Access savings accounts in just a minute or two, online or via the Mobile App.

Making your money work harder for you

Savings and investments could both help with long-term financial planning, however it's important to know the different between them. We've put together this handy table to explain the differences.

Saving for your future

Get rewarded for saving regularly

Earn up to 0.25% AER/Gross p.a. (variable) when you grow your savings by £50 or more each month.

Start saving from £1, instant access to your savings. Eligibility and criteria conditions apply.

Save tax-free with a Cash ISA

Take advantage of the 2021/2022 tax free ISA allowance of £20,000. Find out how easy tax-free savings can be with one of our ISAs.

Aged 16 and over, UK resident and must not have subscribed to a cash ISA in the same tax year. 

Have you got your affairs in order?

Would your family know your wishes if you fell ill or died? From your finances and funeral, to legal arrangements like wills and power of attorney, make, store and share your plans for the future with Plan Ahead, our free online estate planning tool.

Plan Ahead is designed for NatWest customers living in England and Wales, aged 18 and over, who are registered for Online Banking and have a valid UK mobile number.

Investing your money

The simple way to help get your money working harder

Whether you’re a seasoned pro, or a total newbie looking to learn the ropes, NatWest Invest is a quick and simple way to help get your money working for a brighter and wealthier future.

Investment values can fall and rise, your capital is at risk. Eligibility criteria, fees and charges apply.

Your investments are our first priority.

But we’re also conscious about their impact on the world we live in. That’s why the shares and funds the Personal Portfolio Funds invest in are responsible investments – and they have been since 2016. By embracing responsible investing, you help the planet and could help your long-term returns, too. 

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