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
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.
How we are able to reward you
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%|
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 By the end of the year, you’ve withdrawn £2,500 (2.5%) and achieved Gold status with Vitality, giving you a Retirement Booster of 15% (as shown in the table).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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