If you’ve kick started the new year landing a new job – congratulations! With the new job comes a whole host of other new things you need to think about or at least be aware of. One of those things is your new pension plan.

Depending on where you are on your career journey, your pension may not be a top priority at the moment. But the earlier you start saving towards it, the better. It means you’ll have more to enjoy once your working days are over.

Here are a few tips on how to make the most out of your new pension:

Explore your pension

Get familiar with your pension and benefits by having a good look at your ENWL pension website. Pension jargon can feel confusing, which is why we’ve created a dedicated area of our website called Support where you can find tons of guidance and useful information about your pension. Our FAQs and glossary make complex topics easier to understand providing explanations to common pension terms. Our News page under Resources offers insights to help you understand and manage your pension, tells you about changes in the industry and explain how we are looking after your pension.

Set saving goals

Whether you want to enjoy a steadier pace of life or continue the lifestyle you have now, deciding what you’re saving for early on makes your goal for the future clearer and will help you plan more effectively to achieve it.  

Think about saving more if you need to with Additional Voluntary Contributions (AVCs)

AVCs, put simply, are extra money you can put aside now to boost your pension benefits. Here, it’s helpful to consider the basics - home and bills, your wish-list – for example holidays and sports clubs, and the rest – family needs and potential unforeseen pay outs, to see if you can afford to put a bit more aside towards your life after work.

Investment choices

There is a range of funds available to invest your money into. If you want to select which funds to invest in, simply log in to your account to choose. If you don’t choose an option, you’ll automatically be entered into the ‘default’ fund, which is the Flexible Retirement Lifestyle Fund. More information is available in our Investment choices guide.

Transfer old pensions into your new one

You may be able to transfer your previous pensions into your new one. If you are interested in a transfer, contact the Pensions Team on 0843 311 4530 or at pensions@enwl.co.uk

What to do if you get stuck…

Simply get in touch with our friendly Helpline agents who would happily answer any questions you may have about your pension. Call 02476407819 or email enquiries@railpen.com