Check your progress
We designed the Whitbread scheme to make it really easy for Whitbread employees to join and start saving for the future.
Once you’ve been paying into the scheme for a while, it’s important to check your progress and start thinking about how much money you’re going to need in retirement and what else you can do to reach that goal.
Work out your expected income
If you’re finding it tricky to know how much money you’ll need in retirement, you’re not alone. Most people in the UK don’t know how much they have in pension savings or how long this money will last when they stop working.
The Retirement Living Standards website was set up to give people an idea of how much income they’ll need to have a basic, moderate or comfortable retirement. Check it out here, and then work out your expected income to see what type of retirement you’re on track to have.
Whitbread pension scheme
Log in to OneView or look at your latest benefit statement to get an idea of how much income you could get if you continue to save at your current rate.
Other workplace or personal pensions
Include income from other pension arrangements you have. You can ask their administrators for a projection. If you’ve lost touch with any pensions, you can use the government’s free pension tracing service to find them.
State pension
The State pension is payable from your State pension age (66, 67 or 68). You can get a State pension forecast here.
Is this enough?
Work out a retirement budget
The Retirement Living Standards website provides a ballpark figure of how much you may need, but you should start looking in more detail at your individual living costs. Start off by working out how much you currently spend, and then look at how many of those costs will still apply once you’ve retired (eg, commuting, lunch, work clothes). Will you have paid off your mortgage by the time you retire? Will there be any new costs to consider? For example, if you join the Pension Options Section, you get free life cover worth 4 x your basic pay while you’re working for Whitbread. Would you consider buying life cover yourself after retirement?
The MoneyHelper website has a useful free online Budget Planner to help. You can even save your progress and come back to it later.
Do you need to take action?
If it looks like your retirement income isn’t going to cover your budget, you still have time to plug the gap.
Increase your contributions
Increasing your regular contributions could make a big difference to your pension income. Remember that you don’t pay tax on your contributions, so every £1 you save actually costs just 80p if you’re a basic-rate taxpayer. You can change your contribution rate at any time by logging in to Dayforce. Remember, if you pay in more, so does Whitbread, which will help your pension grow faster.
Use this tool to work out how much money might be in your pension pot by the time you want to stop working.
Fill in your details and click on the ‘Calculate’ button.
If you are salaried, this is your contractual pay, not including bonus, car allowance and any other cash benefits. If you are paid hourly, this is your contracted hours multiplied by your hourly rate.
Total pay is the total gross pay you receive in a month. If you are hourly paid and work more hours than you are contracted to, it will be higher than your basic pay. If you are salaried, it will include things like bonus that aren’t included in your basic pay.
Estimated pension pot value at age:
£
Based on your current Whitbread pension pot of £ as at and total pay of £
You’re in the Auto-enrolment Section, where the amount that goes into your pension each month is based on everything you earn between £520 and £4,189 a month (known as your ‘qualifying earnings’). This includes any overtime or bonus you earn. You pay 5% and Whitbread pays 3% of your qualifying earnings. Apart from the pension itself, you don’t get any other benefits.
Use the slider to see how changing your retirement age affects how much is in your pension pot in the Auto-enrolment Section.
Retirement Age
Or explore how it could change if you join the Pension Options Section.
If you’re thinking about changing your pension contributions, you can use our cost calculator to see how much it will cost you after tax relief (if applicable), and how much Whitbread will pay into your pension pot. You can make your contribution choices through Dayforce.
If you join the Pension Options Section, you get free life cover of 4 x basic pay, plus an ill-health benefit. These benefits are not available to members in the Auto-enrolment Section.
It’s important to remember that the pension pot values shown will most likely be different to what you will actually get. This is because they are based on a number of guesses about what will happen in the future, known as assumptions.
For example, we have assumed that you and Whitbread will carry on paying into the pension scheme between now and when you retire. We have also made assumptions about how your pay might increase in future, what might happen to the cost of living and how your pension investments might grow. We have assumed you will remain invested in the Growth Fund throughout your membership. The Growth Fund moves your money into lower-risk investments as you get closer to retirement age.
Future Additional Voluntary Contribution payments have not been included.
The estimated pension pot value shows what you might get back at retirement in ‘today’s money’. This means that we’ve taken inflation into account, in order to show you the buying power of your pension pot in today’s money. Inflation reduces the buying power of all savings and investments. Inflation could be higher or lower than what we have assumed and will affect the size of your pension pot at retirement.
The modeller results are for illustration only and are not in any way a guarantee. The value of your pension pot can go down as well as up, and you may get back less than has been paid in. You can keep track of how much your pension pot is worth by logging in to OneView.
Estimated pension pot value at age:
£
Based on your basic pay of £ and current Whitbread pension pot of £ as at .
Use the sliders to see how changing your contribution rate and/or retirement age affects how much is in your pension pot.
Retirement Age
Contribution Rate
If you’re thinking about changing your pension contributions, you can use our cost calculator to see how much it will cost you after tax relief (if applicable), and how much Whitbread will pay into your pension pot. You can make your contribution choices through Dayforce.
If you join the Pension Options Section, you get free life cover of 4 x basic pay, plus an ill-health benefit. These benefits are not available to members in the Auto-enrolment Section.
It’s important to remember that the pension pot values shown will most likely be different to what you will actually get. This is because they are based on a number of guesses about what will happen in the future, known as assumptions.
For example, we have assumed that you and Whitbread will carry on paying into the pension scheme between now and when you retire. We have also made assumptions about how your pay might increase in future, what might happen to the cost of living and how your pension investments might grow. We have assumed you will remain invested in the Growth Fund throughout your membership. The Growth Fund moves your money into lower-risk investments as you get closer to retirement age.
Future Additional Voluntary Contribution payments have not been included.
The estimated pension pot value shows what you might get back at retirement in ‘today’s money’. This means that we’ve taken inflation into account, in order to show you the buying power of your pension pot in today’s money. Inflation reduces the buying power of all savings and investments. Inflation could be higher or lower than what we have assumed and will affect the size of your pension pot at retirement.
The modeller results are for illustration only and are not in any way a guarantee. The value of your pension pot can go down as well as up, and you may get back less than has been paid in. You can keep track of how much your pension pot is worth by logging in to OneView.
Estimated pension pot value at age:
£
Based on your current Whitbread pension pot of £ as at and total pay of £ and basic pay of £
Pension Options Section
£
Retirement Age
Contribution Rate
In the Pension Options Section, the amount that goes into your pension each month is based on your basic pay, excluding any overtime and bonus you earn. You can choose how much you pay into this section and Whitbread matches what you pay, up to 10%. Use the sliders to see how changing your contribution rate and/or retirement age affects how much is in your pension pot. As you change your retirement age, both pension pot figures will change, but choosing a different contribution rate will only change your pension pot in the Pension Options Section.
If you’re thinking about changing your pension contributions, you can use our cost calculator to see how much it will cost you after tax relief (if applicable), and how much Whitbread will pay into your pension pot. You can make your contribution choices through Dayforce.
If you join the Pension Options Section, you get free life cover of 4 x basic pay, plus an ill-health benefit. These benefits are not available to members in the Auto-enrolment Section.
It’s important to remember that the pension pot values shown will most likely be different to what you will actually get. This is because they are based on a number of guesses about what will happen in the future, known as assumptions.
For example, we have assumed that you and Whitbread will carry on paying into the pension scheme between now and when you retire. We have also made assumptions about how your pay might increase in future, what might happen to the cost of living and how your pension investments might grow. We have assumed you will remain invested in the Growth Fund throughout your membership. The Growth Fund moves your money into lower-risk investments as you get closer to retirement age.
Future Additional Voluntary Contribution payments have not been included.
The estimated pension pot value shows what you might get back at retirement in ‘today’s money’. This means that we’ve taken inflation into account, in order to show you the buying power of your pension pot in today’s money. Inflation reduces the buying power of all savings and investments. Inflation could be higher or lower than what we have assumed and will affect the size of your pension pot at retirement.
The modeller results are for illustration only and are not in any way a guarantee. The value of your pension pot can go down as well as up, and you may get back less than has been paid in. You can keep track of how much your pension pot is worth by logging in to OneView.
Boost your pension – AVCs
If you’re already paying the highest contribution rate (10%), you can give your pension a one-off or regular boost by paying Additional Voluntary Contributions (AVCs). Whitbread won’t match your AVCs, but you still get tax relief on these contributions. You can set up AVCs at any time by logging in to Dayforce.
Change your retirement age
In the Whitbread scheme, if you don’t tell us when you plan to take your pension, we will assume you plan to take it at age 65. If you plan to take your pension at a different age, you can let us know on OneView; click on the Investments tab and select your preferred retirement date.
Review your investments
Remember, as long as you’re not invested in the Shariah Fund, you can choose the retirement path your investments will follow when you get to eight years from retirement.
If you don’t decide, we’ll do it for you:
- The Cash path if we estimate your pot will be worth less than £30,000 when you retire
- The Income path if we estimate it’ll be worth more than £30,000.
Of course, we don’t know what other pensions or investments you have, so this might not be the right approach for you.
You can log in to OneView to choose a retirement path at any time during your membership of the scheme, but remember to review it as you get closer to taking your pension.