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Our Retirement Booster

The more you keep invested in your retirement plan, the more you could get back

We all want to live a longer, healthier life, with enough money to make the most of it. But the longer we live, the harder our retirement savings need to work. With our Retirement Booster we could boost your pension pot every year on top of your returns, helping your savings last longer. The more you keep invested in retirement, and the more you look after your health, the more you could get back.

How it works

Currently, when you reach 55, you have many ways to access your money. One way is to allocate your savings into a VitalityInvest Retirement Plan for income drawdown. This is when you keep most of your pension pot invested and draw a regular income from it. When you do this, we could reward you for saving wisely and staying healthy.

  • Join our healthy living programme. You’ll need to have a qualifying* VitalityHealth or VitalityLife policy, or you can add Vitality Plus to your VitalityInvest Retirement Plan for an additional monthly fee of £4.50 currently
  • Take part in the programme and earn Vitality points
  • Keep your pension pot invested in Vitality funds

Each year, we’ll look at how much income you’ve taken from your pot, how much you have invested in Vitality funds, and your Vitality status. We’ll use this to work out how much you get back with our Retirement Booster. The more you engage, and the more you keep invested, the more you could get back – up to 50% of what you draw down each year.

*What’s a qualifying policy? By holding one of these policies, you will be a member of our healthy living programme:

  • VitalityHealth: Personal or Business Healthcare plans or Corporate Healthcare plans with Vitality Plus
  • VitalityLife: Policies with Vitality Plus, excluding Vitality Core and Vitality Lite
Terms and conditions apply.

How we’re able to reward you

With Vitality, you could live a longer, healthier life. This benefits both you and us. And we believe it’s only right to share some of our earnings with you. It’s all part of what we call shared value. Think of it as motivation to get the retirement you want.

What you could get back

The amount you get back each year with our Retirement Booster is a percentage of the income you draw down over the year. Take a look at the table below.

The amount you get back will also depend on how much you have invested in Vitality funds and your Vitality status. The more you invest in them, the more you could get back.

How much income you withdrew in a year Retirement booster percentage 
  Bronze status Silver status  Gold status  Platinum status 
0% - 1%  10% 20% 40%  50% 
1% - 2% 7.5% 15%  25%  35% 
2% - 3% 6% 12.5%  15%  20% 
3% - 4%  4% 7.5%  12.5%  15% 
4% - 5%  0% 5%  10%  12.5% 
5% - 6%    0%  2.5%   5%   7.5%
 6% - 7%   0%   0%  2.5%  5%
 7% - 8%   0%   0%   0%  2.5%
8%+   0%   0%   0%   0%

Please remember the value of investments - and the income from them - can go down as well as up, meaning you may get back less than you invest.

Example calculation

Picture this

You have £100,000 in your retirement income pot at the start of the year, from which to draw down an income. By the end of the year, you’ve withdrawn £2,500 (2.5%) and achieved Gold status with Vitality, giving you a Retirement Booster of 15% (as shown in the table). You have 80% of your retirement income pot invested in Vitality funds.

Your Retirement Booster for the following year is:

2,500 x 15% x 80% = £300.

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