Retiring from your employer

Retiring from your employer

Preparing to make decisions will give you the best chance of having enough to live on in retirement. It’s also important that you keep playing an active role in your money matters after you leave your employer

Where can I find out how much I’ve saved with Alexforbes?

Sign up or log in to our website to get this information.

You can also visit the app store to download our app.

Once you understand your retirement savings options, you will need more information that's specific to your fund or employer's benefits

Your member booklet or benefit schedule has the details of the benefits and options that are specific to your employer or fund, including the following information:

  • Available investment portfolios
  • Percentages you can choose from to save for retirement every month (contribution rates)
  • Available insurance benefits

You can get your member booklet from your human resources department.

Find out more about your retirement savings options as you prepare to retire from your employer

For information that’s specific to your fund or employer’s benefits find out more


this video to find out more about your options, as you prepare to retire


this brochure for more about your options, as you prepare to retire


this webinar that discusses your options at retirement, and useful tips and tools

Why consider financial advice?

The information on this site is designed to help you make informed decisions, as you get ready to retire. Once they’re informed, many people need or rely on a financial adviser to help them make the choices that are right for them based on their personal circumstances.

Is someone you know retiring soon?

Email them a link to share this information that will also help them with the decisions they need to make about their retirement savings, as they prepare to retire.

Being informed and knowing if you’re on track to meet your retirement savings goals are important steps you can take to improve your financial picture.

Explore your retirement picture in 7 fun steps.

My Retirement Picture

More about My Retirement Picture

  • In My Retirement Picture you can find out:
    • What pension you can expect when you retire.
    • If you will have enough to live on after you retire from your job.
    • Ways you can improve your retirement picture.
  • Who is My Retirement Picture for?
    • It’s for anybody at any age.
  • How much does it cost?
    • It doesn’t cost anything. Anybody can use it.
  • Build your personal retirement picture using this exciting new interactive and gamified tool.
  • Watch the introductory video about My Retirement Picture to find out more before you get started.
  • Give us feedback on My Retirement Picture.


Saving for emergencies

Saving for emergencies

If you had an emergency, would you have enough savings?

Find out more about being prepared for emergencies.

Reducing expenses

Reducing Expenses

Did you know that people who have a budget and stick to it have a better chance of reaching their goals?

Find out more about how to reduce your expenses and get started with a budget.

Being prepared

Being prepared

If the unexpected happened, like death or disability, would your financial needs or your family’s financial needs be taken care of?

Find out more on the ways you can be prepared.

Managing debt

Having more debt than you can afford can be stressful. If you’d like to have more control over your finances, read more here.

  • Read more about the difference between good debt and bad debt here.
  • Unplanned expenses sometimes lead to borrowing money even when you don’t want to. Find out more about being more financially prepared for emergencies here.
  • Find out more about being on top of your debt here.

Reaching your goals

Reaching your goals

Saving for goals means:

  • having a plan
  • managing priorities
  • getting your loved ones to help you stay on track with your plan

Watch this webinar about managing money to support you along the way to reaching your goals.

GET HELP! Speak to a licensed financial adviser on
0860 000 381 or email

Health challenges

Health challenges

These days we’re often thinking about health. Are you prepared for health challenges?

Find out more about how to choose the right medical aid for your budget.

Other useful information about your retirement fund

  • What’s a retirement fund?

    When you’re no longer earning a salary at the end of your working life, you can use your savings in your retirement fund to buy a pension that will give you regular income. Your employer has provided you with a provident or pension fund.

    How does a retirement fund work?

    • Every month, you, your employer or both make contributions to your fund.
    • These contributions are saved towards your retirement. You can use your retirement savings to buy a pension that will give you a regular income in retirement.

    How much your pension will be depends on:

    • how much you or your employer contribute during your working life
    • how investments have performed
    • whether you keep your retirement savings invested instead of taking them in cash when you change jobs
    • the cost of buying a pension when you retire
  • A benefit statement shows:

    • how much you’ve saved so far for retirement
    • the pension you can expect based on the information we have about you

    Here’s an explanation of your benefit statement.

    View your benefit statement by logging onto the Alexforbes website or by downloading the AF app on the Apple App Site or the Google Play Store.

  • If you’re closer to retirement, make contact with a financial adviser as soon as you can. We recommend that you start discussing your retirement plans with a financial adviser at least five years before your fund's normal retirement date.

  • The amount of money you need to save for retirement will depend on what your expenses will be during retirement. Generally, you should try to save enough money to cover your monthly expenses for as long as you or your spouse, if you have one, expect to live after you retire. It’s important to keep in mind that people often live much longer than they think they will, after they retire.

    One way to figure out what your expenses will be and whether you’ve saved enough to cover those expenses is to work through the guided journey in the My Retirement Picture tool. One of the benefits of the tool is that it helps you to explore the adjustments you can make if you find that your expected pension won’t be enough to cover the expenses you think that you’ll have.

    Watch this short introduction video which explains how My Retirement Picture works.

    Getting started with My Retirement Picture

    To get started, you’ll need to know:

    1. How much you have already saved towards your retirement.
      You can find the amount you’ve saved with Alexforbes by logging on to our website or by downloading the Alexforbes app free from the app store on your phone
    2. How much you are saving towards your retirement each month.
      If you don’t know how much you’re saving, you can find the information on your payslip.
  • You can retire early on the grounds of ill-health, if you:

    • become too sick to carry on working
    • have not reached the fund’s normal retirement date BUT don’t qualify for a disability benefit
    • are totally and permanently unable to do your job

    The benefit you get will be the value of your retirement savings in the fund.

  • The age you must retire is determined by the rules of your retirement fund. However, if you don’t need to start receiving a pension right away (for example, if you are able to continue working on a contract basis), you can keep your retirement savings invested in the fund until you’re ready to buy a pension. This is called delaying or deferring retirement. Your financial adviser can explain which of your retirement fund benefits will stop if you choose this option. Find out more about delaying retirement here.

  • A financial adviser can help you to make a financial decision that is right for you based on your individual circumstances. Financial advisers charge fees that are based on the financial products they help you select. For example, if a financial adviser helps you to use your retirement savings to buy a flexible pension or a guaranteed pension, you will be charged a fee.

    Fees can be charged up front when you buy a pension and on an ongoing basis if you choose to receive ongoing advice. The up-front fee a financial adviser charges is limited to 1.5% + Vat of the amount you use to buy a pension, but the actual amount is negotiated between you and your financial adviser. The fees are usually deducted from the amount you use to buy a pension.

    Please contact our My Money Matters Centre, where you can receive retirement benefit counselling and advice from our qualified financial consultants.

  • If you need to start receiving your pension in the month following your retirement date, you will need to meet with a financial adviser at least three months before your retirement date.

    The administration processes including completing and signing forms that are necessary for you to start receiving a pension take time to do, so it is a good idea to start early.

  • Your retirement savings can be divided between flexible pensions (living annuities) and guaranteed pensions (life annuities). There may be up-front and ongoing fees but the amounts will differ depending on the type of pension you choose and what is agreed on by you and your financial adviser.

    In the case of a flexible pension, there will be investment fees on your investment portfolios. Investment portfolio fees are deducted from the value of your investments and won’t be shown separately on your statements. An administration fee is also charged for the administration involved to pay your pension to you and for preparing and submitting your tax information.

Contact us


Questions about a claim or processes:
Client Contact Centre: 0860 100 333 |

Understanding your options or help making a decision based on your personal circumstances (advice):
My Money Matters Centre: 0860 000 381 |