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Your action plan

Your action plan

You already know what your retirement goal is, how much spare money you have at the moment and whether you’re on target to meet your goal. You also know what options you have to increase your retirement income. You now have to decide which options are best for you and fill in the plan below saying when you are going to complete each task. Remember to be realistic when you fill in the plan - we don't expect you to tick every box. You should review this in a year’s time.

Action plan

I would like my action plan to be based on a weekly, monthly, or yearly basis?




Action plan: spend less

So that I can meet my goals I will:

I'll do this:

Saving
(£ per month):
I'll do this by:
I've done this:

switch my credit cards and loans to a cheaper interest rate and save:

switch my household bills to a cheaper supplier and save:

reduce what I'm spending on household goods by shopping around for the best price and save:

reduce my general spending by:

Other ways I can reduce spending are:




Total spare money

I already have £0.00 spare each per month.

By the time I complete my Action plan: spend less I will have reduced my spending by £0.00 per month which is extra spare money.

Total spare money: £0.00 per month.

Action plan: Reduce debt

If you have any debts you might want to think about paying them off more quickly.
So that I can reduce my debt I will:

I'll do this:

Saving
(£ per month):
I'll do this by:
I've done this:

pay off my current credit card debts by paying an extra

pay off my loans and other debts by paying an extra

Debt reductions total £0.00 per month.

The next part of the action plan asks you to use your current gross pay figure.

Do you want some help finding your gross pay figure?

+ Show gross pay from predictable income help

+ Show gross pay recently changed help

+ Show gross pay if you are a shift worker or receive bonuses help

+ Show gross pay from RS section statement help

+ Show gross pay from BOC Pension Scheme statement help

+ Show gross pay from Gist Scheme statement help

+ Show gross pay from AVC section statement help

Helping Hand

To work out percentages of your gross pay simply divide your gross pay by 100 and multiply the answer by the % you want.

For example, 3% of £24,000 a year is:
£24,000 ÷ 100 = £240
240 × 3 = £720 a year

You can change the yearly amount into a monthly one by dividing by 12, or into a weekly one by dividing by 52.


Action plan: save more

So that I can work towards my goal I will:

I'll do this:

Saving
(£ per month):
I'll do this by:
I've done this:

RS section


join the RS section and pay 3%, 4% or 5% of my gross pay

increase my Core contributions to RS section to 4% or 5% and receive the extra Company match on my contributions

start paying % in extra contributions to RS section

change my investment choices


BOC Pension Scheme


I will move from BOC Pension Scheme Level 1 to BOC Pension Scheme Level 2 and pay an extra 2%

AVC section


join AVC section and start paying

increase my AVC section contributions to

change my investment choices


Gist Limited Pension Scheme
(the Gist Scheme)


I will move from Gist Scheme Level 1 to Gist Scheme Level 2 and pay an extra 2%

Other investments

put some money into:



Bank/building society

Bonds/Gilts

Endowment policy

Personal pension

Property

Shares

Unit Trusts

Other investments

Other ways I can save more are:




Total saving of £0.00 per month.

Helping Hand

Remember that money paid towards a pension receives tax relief from the government so it might be cheaper than you think!

For example, if you pay £25 a month into a pension the government pay £5 tax relief and it only costs you £20.

If you pay 3%, 4% or 5% into your RS section account the Company will pay double on top.



Learn About Money: BOC were one of the main sponsors of the Learn About Money materials that were developed from 2002. A website version was launched in early 2004. The modules provide a good background to Working Money and can be accessed online at www.learnaboutmoney.org or by selecting a module from the following:


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