40s

How much you save into your pension in your 40s will depend on when you started saving and how much you’ve saved already – check your benefit statement to see what you currently have.

Things to think about

• Make the most of Cummins match.

  Paying 7% of your pensionable pay means you receive the maximum contribution from Cummins. If you’re able to do this now, it’s worth considering.

  You can change how much you save at any time by logging in to My Pension Tracker.

• Catching up? Consider paying more.

  If you opted out in your 20s or 30s, or feel your savings aren’t on track, you may feel now’s the time to think about boosting your contributions by making AVCs (that’s short for additional voluntary contributions).

  You don’t receive contributions from the company for making AVCs but they’re still a tax-efficient way to save. See Saving more than 7% to find out more.

• Set a target
  Not sure how much you’re going to need when you retire? Think about setting a target to give you something to aim for. For more information about setting a retirement income target, see 50s.