Retirement checklist

Greater flexibility around how you use your pension savings, may open up exciting new possibilities for your future. Our checklist can help you ensure your planning is on track. Are you retirement-ready?

There are now three ways that you can access your pension savings.

When you reach age 55, if you have a 'defined contribution' pension, you can take your money as cash or, as a guaranteed income with an annuity or flexible income through a flexi-access drawdown plan. You can also opt for a combination of options depending on your provider – or leave your pension pot where it is if you don’t need it just yet.

Each option is subject to Income Tax, and the amount you pay will be based on your circumstances and your tax situation at the time you take your pension savings. The good thing is that you can normally take the first 25% or your money tax-free.  So before you decide which option is right for you, check to see what the tax implications are.

If you are a member of an 'occupational pension scheme' or have a 'defined benefit' pension, the options available to you may vary, so please check with your provider.

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Your pension, your freedom

You can now access your pension in more ways than ever before, after the government introduced wide-ranging changes in April 2015.

This is great for you and your retirement. You just need to decide which option is best for you. We’ve put together this video, to help you along the way.

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Pension changes - word on the street

How will you decide what to do with your pension? We take to the streets to get your views on the ways you can now take your pension savings.

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How can I take my pension savings?

In April 2015 the government brought in changes that mean you can now access your pension in more ways than ever before.

The key thing to know is that from the age of 55, if you have a defined contribution pension, you now have more freedom over how you take your pension. You also have more choice about how you take the tax-free cash allowable from your fund.

There are several ways you can take your pension.

Read our overview of the changes, to help get you started.

Flexible access to your pension savings

There are several ways you can take your pension. These can also be used in combination, and you can choose different options if you have more than one pension. You may also be able to delay taking your pension until a later date.

1. Take your money as cash - all in one go, or as a series of lump sums
The new pension freedoms allow you to take your whole fund as one cash lump sum, or smaller lump sums, as you need them, whilst the rest remains in your pension fund. Each payment will be 25% tax-free and the remainder will be added to your income for the year and taxed accordingly. This may result in you paying a higher rate of tax and it's also important to make sure you have enough money to last throughout your retirement.

You can leave any remaining funds to the person of your choice when you die.

2. Get a flexible income with a flexi-access drawdown plan
Flexi-access drawdown (previously known as income drawdown) has been brought in to allow you to take any number of income payments from your drawdown fund, while the rest stays invested. You can take as much money as you want and as often as you like, but you will be charged every time you do so. Your provider will take off the appropriate amount of income tax before sending you the payment.

Like the cash option it is important to consider whether you can fund your retirement for the rest of your life. You should think about how much you take out every year and how long you want your money to last for. Like any investment, the value could go down as well as up and there's a chance that you may not get back what you put in.

Any money you have left in the fund can be passed on when you die. 

3. Get a secure, regular income for life with an annuity
The other option available to you, if you want to use your pension to provide an income, is to buy an annuity with your fund. An annuity will provide you with a guaranteed income for the rest of your life, regardless of how long you live. There are different types of annuity to choose from, with income options to suit your needs, perhaps those of your partner when you die - or maybe an increased income if you or your partner have certain health conditions.

Once you've chosen your annuity, you can't usually change your mind, so it's important to shop around for the best income based on your circumstances. You can get advice on how to do this from the Money Advice Service.

4. A combination of options
It may be possible to mix and match what you do with your pension pot at different points in your retirement. You can take your pension pot as cash along with an income to provide some flexibility and security. Within the income option, you can either turn your pot into an annuity or flexi-access drawdown or choose a combination of the two. However you combine options, you’ll be able to take 25% of your money tax-free. 

Before combining any options, take time to think about the benefits and considerations of each option on its own. The value of any money that remains invested can go down as well as up and you may not get back the amount you put in. If you take the full 25% tax-free cash allowable as a lump sum, you’ll need to turn the rest of your pot into an income or take it as cash, subject to tax. 

5. Leave it where it is
You don’t have to do anything with your pension savings when you reach age 55. If you don’t need the money just yet, you could leave it invested for now. As long as your money stays in your pension pot you won’t pay tax on it and you’ll get tax-relief on contributions you make into your plan. However, there’s no guarantee you’ll get more, or the same level of cash and/or income from your pensions savings if you take it at a later date and your fund value can go down as well as up, while it remains invested, and so you may not get back what you put in.

Access to free pension guidance

In addition to the support we offer, we recommend that, from age 50, you seek impartial guidance from Pension Wise, the free service from the government that is available on the internet, over the phone or face to face. 

We are not recommending a particular retirement option, or course of action, over another. And whatever you decide to do with your pension, you don't have to stay with us. You should shop around and, depending on the choices you make, you may be able to get a higher income elsewhere. 

As your pension provider, we’re here to give you all the information you need to help you make suitable, informed decisions. But remember, you can also find out more about your retirement options from other sources, including;

Pension wise
The Pensions Advisory Service
HM Revenue & Customs
A financial adviser
Your employer

If you are a member of an occupational pension scheme, the options available to you may vary, so please contact your scheme provider.  If you have a pension with guaranteed benefits where the value is £30,000 or more, legislation requires you to take financial advice when looking to convert into a flexible option, such as taking the pension pot as cash or transferring to a flexible income option. In addition, if you want to transfer out of a defined benefit scheme you are also required to take financial advice.

Now that you have more choice over how and when you access your pension; check to see how much you could get from each of the options. If you are aged 55-85, our new Retirement Income Calculator will provide an example of what you could get. Results are based on your age, pension pot size today, generic rates and current tax information. What you actually receive will depend on circumstances at the time you come to take it. 

If you’re an existing customer, it’s best to contact us and we can talk you through your options and what your pension pot could provide based on our rates. 

We also have a range of other online tools to help with your planning, and products for when the time comes.

Modern retirement takes many forms, with more of us continuing to work later on in life or on a part-time basis. Is phasing your retirement an option that you’ve considered? Perhaps you’d like to start your own business – or perhaps it’s a necessity to ensure you can live how you’d like when you retire fully. Would the basic State Pension and any other investments you may have, such as your home or other pensions, fund your current lifestyle, for instance? Don’t forget to also factor in inflation, which could affect the buying power of your money in the future.

As well as changing your working habits, you should consider how events that could happen after you retire could impact on your finances. No one likes to think about ill health or long-term care, but getting prepared early will ensure you have a plan in place should you need it.  Your children or even grandchildren may also need some financial help – maybe it’s with education, or getting on the property ladder – or even a wedding.

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Life events that can influence your retirement income needs

When considering your income needs, it's a good idea to think about the types of events that could happen after you retire that may impact your budget. Thinking about these things early might help you when you're deciding the best way to take your pension savings.

Working habits

Although you may have retired from full-time employment, perhaps you may wish to earn money from part-time work. Besides the State Pension, consider any other income sources you'll have when you finish working full-time and find out when they kick in. 

Supporting your family 

Perhaps you have children or grandchildren that you plan to help through further education. How will you provide this financial support once you've retired? Some people intend to help their children onto the property ladder; have you made a plan for how you'll afford this? 

Health 

Leading a healthy lifestyle can help ensure you'll be fighting fit during your retirement. However ill health can strike at any time. And although you may not like to think about it, it's important to factor things like medical costs into your financial planning.

In the longer-term, you may also need to pay for residential care for yourself, your partner, or your parents. 

Savings & property

The amount you have in savings may influence what you'll need from your pension. Is this enough to live on? 

If you own a home, you may have decided that you'll sell your home and move somewhere that better suits your lifestyle needs. You'll also need to think about how you would pay for a new property and factor in any repair costs to a new or existing home. 

How you choose to take your pension 

  • The way you choose to take your pension can impact things like your tax position or pension allowances. 
  • If you choose to move provider, you may lose any guarantees that you may have with your existing pension provider. You should also think about the impact of taking any tax-free cash, income or lump sums may have on any means-tested benefits you currently receive. 
  • There may be one-off or on-going charges to manage your money e.g. fees for financial advice or administrative costs for any of your financial products. 

The effects of inflation

The effects of inflation may reduce the buying power of your savings and investments in the future, so think about how you'll maintain your lifestyle if your money doesn't stretch as far.

What's the ideal retirement job for you?

Not everyone wants to let go of their working life when they reach retirement age. 

More than half of people due to retire this year are planning on working past state pension age.

Many people are planning to keep their careers going. Some are even aiming to start a new career, perhaps as budding entrepreneurs.

The results of our Class of 2016* study found that more than half of people due to retire this year (51%) are planning to work past their State Pension age, or are already doing so.
Of them...

34%

say that they don’t feel ready to retire

41%

enjoy working too much to give up

51%

prefer to carry on working to keep their mind and body active

So, what are your job options in retirement?

Stick with your current job

You may have hit State Pension age, but that doesn’t mean you have to automatically give up your current career. One in 10 people (11%) surveyed who plan to work past state pension age would stay full time in their current jobs.

You could also go part time. More than a quarter of people in the study (27%) who aim to work past state pension age said they would stay in their current job, but reduce their working hours. It’s a chance to gradually shift into retirement mode.

Sign up for voluntary or charitable work    

When working past state pension age, many people may be motivated by reasons other than money. It can be a chance to have a renewed purpose and stay active in your community. Or it could just be because you may miss the routine.

About a quarter of everyone we surveyed (26%) were planning on doing some voluntary or charity work. Find out about the wide range of things you can do for good causes

Start your own business    

Retirement can be a time to make your long-held dreams become a reality. That may include starting a new venture. We found that 7 per cent of people surveyed said they would like to set up their own business. You could:

  • Follow your passion and try earning money from your hobby. That’s what 13% of those who plan to work past their state pension age aim to do.
  • Use the skills from your previous career to make and sell a product or sell your services.
  • Learn a new skill to create a product or service.

Whether you set up your own venture, go part time or volunteer, the big benefit is being able to choose how you fit your new working life around the other exciting things on your retirement ‘life list’ that you’d like to do.

It’s also important to think about your future income. This could be from any pensions and savings, as well as your retirement job. Carefully consider your finances, and even talk to your pension provider, so you can fund your ideal lifestyle – in work and beyond.

*Research Plus conducted an independent online survey for Prudential between 25 November and 8 December 2015, among 9,318 non-retired UK adults aged 45+, including 1,000 planning to retire in 2016.

 

 

51%

 

 

would consider working past State Pension Age, according to our Class of 2015 research

 

 

 

 

 

30%

 

 

want to reduce hours with their current employer

 

 

 

 

 

10%

 

 

want part-time work with a new employer

 

 

 

So, what are your options for phasing your retirement? 

Going part-time

Going part time is a great way to carry on earning, whilst also giving you back some time for other pursuits. Nearly a third of those surveyed in the Class of 2015 study would like to reduce the hours they work with their current employer. 

Changing jobs

Changing jobs can be refreshing. It could also enable you to move into a part-time role so you have more time to yourself. Just over 10% of people surveyed would look for a part-time job with a new employer. Would you? 

Delaying retirement altogether

Some people are choosing to delay retirement altogether. Just over 10% of those surveyed said they would carry on full-time in their current job. Over half the people surveyed (51%) would consider working past State Pension Age to help improve their financial position. Would you like to stay in your current role for longer? 

There may be other benefits to continuing in some form of employment too. Over half (57%) of survey respondents would consider staying in work to stay mentally and physically fit. Over a third (39%) enjoy working, and 35% would miss the social side of interacting with colleagues if they weren’t working. 

The opportunities a phased retirement may bring can be exciting. It’s important to gather all of the information you need, including talking to your pension provider, to help ensure it’s the best option financially, as well as for your lifestyle.  

*Research Plus conducted an independent online survey for Prudential between 21 November and 4 December 2014 among 7,687 UK non-retired adults aged 45+, including 1,012 intending to retire in 2015 that feature in the above.

 

 

51%

 

 

would consider working past State Pension Age, according to our Class of 2015 research

 

 

 

 

 

30%

 

 

want to reduce hours with their current employer

 

 

 

 

 

10%

 

 

want part-time work with a new employer

 

 

 

So, what are your options for phasing your retirement? 

Going part-time

Going part time is a great way to carry on earning, whilst also giving you back some time for other pursuits. Nearly a third of those surveyed in the Class of 2015 study would like to reduce the hours they work with their current employer. 

Changing jobs

Changing jobs can be refreshing. It could also enable you to move into a part-time role so you have more time to yourself. Just over 10% of people surveyed would look for a part-time job with a new employer. Would you? 

Delaying retirement altogether

Some people are choosing to delay retirement altogether. Just over 10% of those surveyed said they would carry on full-time in their current job. Over half the people surveyed (51%) would consider working past State Pension Age to help improve their financial position. Would you like to stay in your current role for longer? 

There may be other benefits to continuing in some form of employment too. Over half (57%) of survey respondents would consider staying in work to stay mentally and physically fit. Over a third (39%) enjoy working, and 35% would miss the social side of interacting with colleagues if they weren’t working. 

The opportunities a phased retirement may bring can be exciting. It’s important to gather all of the information you need, including talking to your pension provider, to help ensure it’s the best option financially, as well as for your lifestyle.  

*Research Plus conducted an independent online survey for Prudential between 21 November and 4 December 2014 among 7,687 UK non-retired adults aged 45+, including 1,012 intending to retire in 2015 that feature in the above.

Pensions and living longer

A pension is simply a form of saving for retirement that has tax benefits. The money you save in a pension builds up into a pot which could be converted into a fixed or flexible taxed income or can be taken as a single or series of cash lump sums. You can usually take up to 25% of this tax-free with the remainder being taxed.

The number of people aged 100, or over, has quadrupled over the last two decades according to the Office for National Statistics.

The number of people aged 100, or over, has quadrupled over the last two decades.

While this is good news, the longer you live, the more money you need to fund your lifestyle throughout the whole of your retirement. This has had a big effect on pensions, both state and private.

State pensions

The income paid out to today's pensioners by the state, is funded by those who are working now. As the proportion of people over state pension age grows, the more expensive it gets.

To help counteract this, the Government is changing the age at which you can claim State Pension. It is currently 65 for men. State Pension age for women is gradually increasing from 60 and will reach 65 by November 2018. State Pension age for both men and women will then increase to 66 by October 2020. The State Pension Age will increase from age 66 to 67 for males and females between 6 April 2026 and 5 April 2028. These ages will be linked to life expectancy and other factors in the future and will therefore change.

You should consider this change as you plan your retirement. A State Pension Age calculator on the Government website will enable you to check your expected State Pension Age.

Individual pensions

Increasing life expectancy has also had a major effect on the amount of income paid out by individual pension schemes. Because the money saved up by individuals will have to last longer, you'll need to build up a larger pot of money to provide for your retirement, or work longer. It's therefore important to think ahead about how you can make the most of your potential income.

You’ll spend your time in different ways when you’ve retired, and your day-to-day budget and cash needs will likely change, with some costs going up and some coming down.

Because you’ll probably spend more time at home, things like your energy bills are likely to go up. But if you were commuting to work, these costs are likely to come down. You’ll also need to factor in any money that you owe on bills, debts or your mortgage, and ensure you have enough to cover any new hobbies or significant holidays you’d like to take - along with insurance.

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How your spending habits might change

It's no secret that we are generally living longer. The average time spent in retirement in the UK, is currently 22 to 25 years*. Whilst this means you’ll have more time to enjoy your retirement, it also means you’ll need to plan to ensure your money can last.

Things to take into account

Plan to ensure your money can last.
  1. Spending money on your home
    If you’ve paid off your mortgage then your costs will be low. Consider how you’ll pay for upkeep on your home, including repairs, replacements, and improvements. If you’re renting, you need to factor this cost into your budget.
  2. Costs for your children and grandchildren
    If your children are yet to fly the nest, plan on going into higher education, or want to buy a house, you may need to budget to support them. You might want to help your grandchildren too. 
  3. Travel
    You may save money on transport costs, because you won’t be commuting. You may even be eligible for free or discounted public transport. These savings could be put towards other areas of your budget. 
  4. Entitlements
    Remember to check out all the potential help and support you could be entitled to when you reach retirement or certain ages. For example, travel passes, reduced costs at leisure centres and help with your winter fuel bills.

Things you’ll need to plan more carefully once you've retired 

  1. Holidays
    Chances are, you’ll want to travel and take more holidays once you’re retired. What’s on your wish list, and will your budget stretch to cover these trips? It’s also worth factoring in travel insurance, which can be more expensive for over-65s. 
  2. Heating and bills
    Your utility bills could increase if you spend more time at home. Look into the Winter Fuel Payment  - you could be eligible for some tax-free support to help towards your bills. 
  3. Looking ahead to the long term
    We’re living longer now than ever before. Careful planning for things like long-term care for you, your partner or your parents, will help you budget for your whole retirement.

The Money Advice Service have a budget calculator you can use to help you plan more effectively. You can also read our related articles to find out more about budgeting for your retirement. 

* Based on data for England and Wales. Office for National Statistics, Nov 2014.

Take the cash and run?

If you’re reading this, then chances are you probably know that you can use your pension savings to provide an income by taking out an annuity or a flexi-access drawdown plan - or now entirely as cash. With each option you can take up to 25% tax-free, but here are some of the things to think about if you’re considering cashing in the rest of your pot.

Taking cash from your pension

There are two ways of taking your whole pension savings as cash. You can withdraw all of the money in one go. Or you can take a series of smaller amounts over a longer period of time, while the rest stays invested. This may give your pot the chance to grow but the value could also go down and so you may not get back what you put in.

You can do what you like with the money you take out, but can you budget for this to last?

If you’ll be relying solely on your pension savings in retirement, you’ll need to ensure that the cash can last the rest of your life, or you may run out. This would also mean you would have nothing to pass on to loved ones when you die. 

So what about tax then?

You’ll get up to 25% tax-free - either if you take the money as one lump sum or if you take smaller lump sums over a period of time. The rest is taxed alongside your income for the year. This could push you into a higher tax band, especially if you take a large amount, so it’s a good idea to take a look at which choice suits your financial circumstances and needs in retirement.

If you choose to take your money as cash, then your provider will also have to take Pay As You Earn (PAYE) tax on any payments made to you. This is usually done using an Emergency Tax Code. Because of this, you could end up overpaying or underpaying tax. If you think you have overpaid or under paid tax you can contact HMRC to set things right. 

If you only want to take 25% tax free cash from your pension, you could buy an annuity or flexi-access drawdown with the remaining money. You can read more about these other options for taking your pension within the related content below.

Considerations if you’re thinking of cashing in your pension

  • You can do what you like with the money you take out, but can you budget for this to last throughout your retirement? 
  • Think about how you’ll provide for your loved ones in your retirement and after you die. 
  • How will you safeguard the value of your money over time against the effects of inflation? 
  • You could consider combining several pension pots to take all or some as cash. 
  • Withdrawing money from your pension could affect any guarantees your pension may have. 
  • It may also impact your rate of tax, pension allowances, or any other means-tested benefit you may be entitled to. 
  • Be aware that if you have any outstanding debts that you may be required to pay your creditors using the money you withdraw. 
  • By taking your pension as cash, you may be restricting the amount you can invest tax-free into a pension in the future.

Retirement brings the opportunity to spend your time doing the things you love. Whatever you decide to do with your pension make sure you’re fully aware of your options, including all tax implications, so that you can keep your plans on track. 

We are not recommending a particular retirement option, or course of action, over another.

In addition to the support we offer, we recommend that, from age 50, you seek impartial guidance from Pension Wise, the free service from the government that is available on the internet, over the phone or face to face.

If you are a member of an occupational pension scheme, the options available to you may vary, so please contact your scheme provider. If you have a pension with guaranteed benefits of £30,000 or more, you need to take financial advice before taking your pot as cash or transferring to a flexible income option. In addition, if you want to transfer out of a defined benefit scheme you are also required to take financial advice.

Tax rules require careful consideration and may not reflect your individual circumstances so your actual liability may be higher or lower. The above is based on our understanding, as at July 2015, of current taxation, legislation and HM Revenue & Customs practice, all of which is liable to change without notice. For more information please visit www.gov.uk.

Fixed or flexible income in retirement?

A closer look at annuities and flexi-access drawdown.

The pensions freedom that came into effect in April 2015 means that you can now take greater control over how you use your pension to fund your retirement. You have the choice of taking your money as cash, or using it to provide a fixed or flexible income via an annuity or a flexi-access drawdown plan. Whilst the cash option allows you to flexibly access your pension as a single or series of cash lump sums, here we'll look at the choices available if you were to turn your pension savings into an income. 

What's right for you may depend on factors such as your health, inflation, tax, or any financial responsibilities.

When considering the income options, what's right for you may depend on factors such as your health, inflation, tax, or any financial responsibilities you have for others. 

Your attitude to risk may also influence your decision. For example, if you prefer the security of knowing that you'll have a fixed income for life that isn't dependant on the performance of another type of investment, then you may feel that an annuity is for you. If you prefer to be more involved in deciding where your pension savings are invested, to potentially increase your flexible income, then a flexi-access drawdown plan might appeal to you. While the rewards may be higher, it's a riskier option, because the money you leave invested can go down as well as up - so you may not get back what you put in.

So what is an annuity? 

An annuity will provide you with an income for the rest of your life, regardless of how long you live. Although an annuity comes with a guaranteed income in retirement, what you can afford to buy with your money might change over time if inflation changes. Inflation is a measure of how the price of goods and services is changing and so could impact the purchasing power of your money over time. There are different types of annuity, some of which are designed to protect against this. 

The options you choose when you buy an annuity could affect what happens to your pension when you die. For example:

  • If you've chosen a 'guarantee period' and die within this period, the annuity will continue to be paid until the end of this time. 
  • If you bought a 'joint life' annuity, payments will continue to the second person at the level you chose, until they die - these payments may be taxed as income at their marginal rate. 
  • In all other cases, when you die, your income payments will stop and any loved ones will not receive an income after your death.

What is flexi-access drawdown?

Flexi-access drawdown gives you the flexibility to take any number of income payments from your pension savings, once you have transferred them to the drawdown plan, as and when you want to. You maintain control over how you invest the rest of your fund. It's also up to you what you do with the money you take out so it's important you can fund your retirement because there are no guarantees that your money will last. 

Leaving your fund invested in flexi-access drawdown leaves you open to the risk that you could lose money if the funds you've invested in don't perform well and the value goes down. Your flexi-access drawdown pot could also run out if you make excessive withdrawals.

If you die before you turn 75, any funds that are left in your plan will be paid to your nominated beneficiaries. In most cases this will be tax-free. If you die at 75 or over, then any money your beneficiaries take out of the fund will be taxed as their income.

The benefits and considerations of buying an annuity or drawdown

An annuity...the benefits

  • Gives you a guaranteed income for life.
  • A lower-risk way to use your pension fund.
  • Guaranteed income for a spouse, partner or a dependant if you select that option.
  • There are level and increasing income options available.

The considerations

  • If you haven't shopped around, your income from your provider may be lower than you could get elsewhere.
  • If you and/or your partner have any certain health and/or lifestyle conditions, you could be entitled to a higher income. Other providers may cover different conditions which means you could get more income elsewhere.
  • If you have a guarantee on your pension plan this may be lost depending on which type of annuity you choose and may result in you receiving a lower income.
  • Any entitlement you have to any means tested benefits you receive, such as Housing Benefit or Income Support, may be impacted.
  • If you have debts, any creditors could have a claim on any money you receive.
  • Before you purchase an annuity, consider that once taken out, you cannot currently change your mind.

Flexi-access drawdown...the benefits

  • You're in charge of how your money is invested. It is up to you how and when you take your money.
  • If you wanted to, you could purchase an annuity later.
  • Any money you have remaining in your plan when you die can be passed on to your loved ones. 

The considerations

  • If investment returns are poor and/or a high level of income is taken, the value of your drawdown fund may be significantly reduced. This could result in lower, or no income in the future and you may also not get back what you put in.
  • The risk is your money could run out and you could have to rely on another source of income, for example, the state pension.
  • You may need to pay additional tax or reclaim overpaid tax from HMRC so this could include paying a higher rate of tax on this and any other income.
  • If you have a guarantee on your pension plan this may be lost if you take your pension savings as a drawdown income.
  • Any entitlement you have to any means tested benefits you receive, such as Housing Benefit or Income Support, may be impacted.
  • If you have debts, any creditors could have a claim on any money you receive.
  • Before you convert your pension to a drawdown, consider that you may be restricting the amount you can invest tax-free into a pension in the future.
  • You may not be able to take a drawdown product without taking advice.
Remember you can opt for a mix of the two if you want to.

Remember that it doesn't have to be an either-or choice between buying an annuity and keeping your money invested in a flexi-access drawdown plan. You could opt for a mix of the two – purchasing an annuity with some of your pension pot for a guaranteed income and have some invested in a flexi-access drawdown, where you can draw an additional income as and when you need it. 

Whatever you decide to do with your pension, you don't have to stay with us. You should shop around and, depending on the choices you make, you may be able to get a higher income elsewhere.

Be mindful that investment scams exist so it is important to remain vigilant and check the facts before you make any investment decisions, as you could lose money.

We are not recommending a particular retirement option, or course of action, over another. You might like to try our retirement planning tool to help you make a decision.

We recommend you use Pension Wise, a new service from the government which offers free and impartial pensions guidance. This service is available over the internet, over the phone and face to face.

Find out more at www.pensionwise.gov.uk

If you are a member of an 'occupational pension scheme', the options available to you may vary, so please contact your scheme provider. If you have a pension with guaranteed benefits where their value is £30,000 or more, legislation requires you to take financial advice when looking to convert into a flexible option, such as taking the pension pot as cash or transferring to a flexible income option.  In addition, if you want to transfer out of a defined benefit scheme you are also required to take financial advice.

Tax rules require careful consideration and may not reflect your individual circumstances so your actual liability may be higher or lower. The above is based on our understanding of current taxation, legislation and HM Revenue & Customs practice, all of which is liable to change without notice. For more information please visit www.gov.uk.

Annuity tips before you buy

If you've been paying into a personal pension during your working life, you'll have been building up a pension fund. There are now three ways you can access this money from age 55. One of the options is to buy an annuity. This is designed to provide you with an income for the rest of your life, no matter how long you live.

An annuity is a way to ensure you get a guaranteed income in retirement.

You may also have paid into a pension scheme with an employer - if this is the case you'll need to find out how to access this by contacting them directly. Unless you have a final salary (defined benefit) pension scheme where you should automatically receive money as an annuity.

An annuity is a way to ensure you get a guaranteed income in retirement. Choosing an annuity is a big decision, as once selected, you cannot usually change your mind. We've put together some tips to help you work through your options.

Things to think about

  • Fixed or flexible income? Your income options and needs - having an idea of what you want to do in retirement and what your financial needs may be will help you determine if you want a secure and regular income for the rest of your life or more flexibility with your pension savings by being able to access them as and when you want to.

  • What you'll need to buy in future - what you spend your money on in retirement may be different to your current needs. For example, your utility bills may rise if you're spending more time at home. When choosing an annuity option, it's important to consider the effects of inflation as it could reduce the spending power of your income in the future.

  • When to buy - if you delay buying your annuity when you retire, you won't necessarily get a higher income in the future because annuity rates can go down as well as up. It may also mean that you are losing out on income that may take longer to recoup than any growth of your fund from leaving it where it is invested.

  • Your health - If you and/or your partner have certain health and/or lifestyle conditions, you could be entitled to a higher income. Different providers may also cover different conditions.

  • The type of annuity you choose - if you want to provide an income for your loved ones after you die you should consider the options such as joint-life or adding a guaranteed payment period or you could do both.  Similarly, the type of annuity you buy could shield you from the negative effects that inflation could have on your income. 

  • The impact on any means tested benefits you receive - Housing Benefit, Income Support, or other benefits might be affected by the annuity you buy.

  • Existing debts - if you have debts, any creditors could have a claim on the money you receive.

  • Check your original pension plan - the type of annuity you choose may impact on any guarantees you have on your pension plan, and could result in you receiving a lower income. Also make sure there aren't any penalties if you retire earlier or later than the date you chose when you took out the plan.

  • Consider topping up your pension pots and/or combining your pension funds to buy an annuity - this could give you a higher income when you retire - but the value could still go down as well up whilst it is invested. Combining funds could also impact on any guarantees.

  • Compare the market - you can buy an annuity from any provider, so you should shop around, and, depending on your circumstances, you may be able to get a higher income elsewhere.

Getting help to decide what's right for you 

We are not recommending a particular retirement option, or course of action, over another. 

In addition to the support we offer, we recommend that, from age 50, you seek impartial guidance from Pension Wise, the free new service from the government that is available on the internet, over the phone or face to face.

Be mindful that investment scams exist and so it's important to be vigilant and carefully check the facts before deciding what to do with your money.

If you are a member of an occupational pension scheme, the options available to you may vary, so please contact your scheme provider.

Whether you own your home or are renting, you’ll need to consider where you want to live when you retire, and the role your property could play in your future.

Think about whether you plan on moving for a change of lifestyle – or if you may need to downsize or release some equity from your home. Or if you want to make improvements to the property you already have.  

You may also want to make provisions for an elderly parent living with you or for your own long-term care.

Getting older needn't always be a bad thing... 

Depending on your age and where you live, there could be government benefits on top of any State Pension you may get, plus savings on things like healthcare and travel that could really boost your future income.

According to Age UK, billions of pounds in benefits and Pension Credit is going unclaimed by older people each year. Find out what’s available in your local area, and make sure you're not missing out.

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What could you be entitled to in retirement?

Did you know that when you reach State Pension Age you no longer pay National Insurance contributions - even if you're still working? Many people don't know this, and along with any State Pension you may get, there may be other financial benefits as you get older too.

According to Age UK, each year up to £3.5bn of Pension Credit and Housing Benefit goes unclaimed by older people. That is money you could be entitled to. In addition, you could save on travel, health costs, and things like days out and going to the cinema. 

Sound good? Get clued up so you don’t miss out.

According to Age UK, each year up to £3.5bn of Pension Credit and Housing Benefit goes unclaimed by older people.

Benefits available from the UK government 

Pension Credit
If you’re aged 60 or over, living in the UK and are on a low income then you may be able to get 'top ups' for the State Pension. That means you get a higher income. Visit www.gov.uk/pension-credit/overview for more information and how to apply.

Housing Benefit
You could get help to pay your rent if you are on a low income. Visit www.gov.uk/housing-benefit/overview for further information.

Council Tax reduction
If you are on a low income and your savings are below a certain amount you might be able to get a reduction on your Council Tax. This could be as much as 100% so if you think you might qualify, visit www.gov.uk/council-tax-reduction.

Winter Fuel Payment
You could get between £100 and £300 tax-free to help you pay your heating bills. For more information on your eligibility and how to apply, visit www.gov.uk/winter-fuel-payment/overview.

Attendance Allowance
If you're aged 65 or over you could claim Attendance Allowance. This is to help with your care if you have an illness or disability. You can find out more at www.gov.uk/attendance-allowance/overview.

Cold Weather Payment
If you are getting certain benefits, such as Pension Credit, you may be eligible to claim the Cold Weather Payment. This is to help you during periods of very cold weather between 1 November and 31 March. Visit www.gov.uk/cold-weather-payment/overview for more information.

Disability Living Allowance
The Disability Living Allowance is designed to help with any extra costs you face because of disability. If you think you might qualify, visit: www.gov.uk/dla-disability-living-allowance-benefit/what-youll-get.

Carer's Allowance
If you care for someone for 35 hours or more per week, then you could be entitled to Carer's Allowance. Find out more, here: www.gov.uk/carers-allowance/overview.

Savings on health and travel costs
We've listed the main ways that you could save on health and travel costs. It's a good idea to find out what else is available in your local area too as benefits can vary depending on where you live.

Free prescriptions and eye tests
If you're over 60 years of age then you qualify for free prescriptions and eye tests from the NHS. 

Pension Credit health benefits
If you receive Pension Credit then you qualify for free prescriptions and eye tests, as well as free NHS dental treatment. 

Free bus pass
If you live in England, once you reach State Pension Age, you could travel for free on local buses. To find out if you qualify, or for more information about eligibility in other areas of the UK, visit www.gov.uk/apply-for-elderly-person-bus-pass.

Senior railcard
For £30 a year (as at May 2017), anyone aged 60 or over can save 1/3 on Standard and First Class rail fares throughout Britain for a year with a Senior Railcard. For more information and to apply, please visit www.senior-railcard.co.uk/using-your-railcard/the-benefits/.

Other ways to save
Many museums, cinemas and attractions offer discounted prices for the over 60s, so whether you fancy a trip on the London Eye or watching the latest blockbuster - make sure you look out for concession prices!

Your future finances - things to factor into your retirement plan

Did you know that, according to the Office of National Statistics, 8% of men and 14% of women aged 65 in 2012, are projected to live to celebrate their 100th birthday? Or that up to £5.5bn in Pension Credit, Housing Benefit, and Council Tax Benefit goes unclaimed by older people each year, according to Age UK.

We take a look at some of these considerations and costs that you should factor into your retirement plan - plus great entitlements on top of the State Pension, for when the time comes.

Having trouble playing our video? Please view here.

Think about whether you’ll need to make provisions for a partner or dependants - both when you retire, and after you’ve gone. This may be for an elderly parent in need of financial support, or a grown up child heading to university or buying their first home.

When it comes to passing your pension on after you die, you can nominate to do this when you are still contributing to your pension plan or at the time you turn this into a guaranteed or flexible income.  If you take your pension savings as cash and have a Will, it will be up to you who you leave any money you have left, to. 

Find out about the options available below, and the varying tax implications depending on whether you are still paying into your pension fund, or if you’re already taking it out as an income. 

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Ways to pass your pension on

The way that you decide to take your pension will affect what you can do with it when you die. Whilst it’s not always easy to talk about, the way you will eventually pass on your pension has most impact on other people, so it could help to talk with your spouse, children - or other people close to you, when you’re deciding how you take your pension savings.

If you die with money left in your pension 

If you die before taking anything from your pension, your beneficiaries will usually be paid it as a tax-free lump sum.

Unless you die at age 75 or older, if it’s less than the Lifetime Allowance (£1 million in the 2017/18 tax year) and the scheme is notified within two years of death, it will be paid tax-free.

The way that you pass on your pension when you die mean that:

If you die before age 75:

  • Your pension can be paid to your beneficiaries tax-free, either as a lump sum, an annuity, or through flexi-access drawdown.

If you die age 75 or over, your beneficiaries can:

  • Take the money in cash, which is currently subject to income tax at the beneficiaries' marginal tax rate.
  • Convert it to a flexi-access drawdown plan, which is taxed as their income.
  • Buy an annuity, which is taxed as their income.

In most cases there will be no Inheritance tax to pay.

If you die with money left in flexi-access drawdown

Your beneficiaries have several options - again depending on your age at death.

If you die before 75 years of age your beneficiaries can:

  • Take the money as a tax-free cash lump sum.
  • Stay in flexi-access drawdown. The income from it will be tax-free.
  • Buy an annuity. The income from it will be tax-free. 

If you die age 75 or older, your beneficiaries can:

  • Take the money in cash, which is currently subject to income tax at the beneficiaries' marginal tax rate.
  • Stay in flexi-access drawdown, which is taxed as their income.
  • Buy an annuity, which is taxed as their income.

What happens to your pension after you die when you have an annuity?


Rather than have your money die with you, you may have selected a ‘guarantee period’ or the ‘joint life option’, or both, when you set up your annuity. This means any remaining funds you have left in the annuity will be passed on to loved ones for either a set period of time - or for the rest of their lives. 

Serious ill health

If you are under the age of 75 and become seriously ill (you are expected to have less than 12 months to live) you will be able to take any remaining pension as a tax free lump sum. If you are over the age of 75 in this circumstance you may take any remaining pension as a cash lump sum which will be added to your income and taxed accordingly.

This is a complicated subject as special tax treatment applies and you should speak to a financial adviser for more information.

What happens to your State Pension? 

Although your State Pension is paid only to you and can’t be passed on to someone else, if you’ve contributed towards an Additional State Pension then your spouse or civil partner might get some of this. If they’re over State Pension Age when you die, they may also be able to increase their basic State Pension by using your qualifying years entitlement - as long as they don’t already get a full pension. 

If your spouse or partner is under State Pension Age when you die, then any State Pension based on your qualifying years entitlement will be added to theirs when they claim it - as long as they haven’t remarried, or formed a new civil partnership by the time they reach State Pension Age. Find out more about inheriting a State Pension from a partner or  increasing qualifying years on the gov.uk website. 

If you deferred your State Pension then your spouse or civil partner may be able to claim an Additional State Pension or lump sum when you die. 

More information

Find out more about the different ways you can take your pension within our related content below. Each option has its own tax implications, benefits and considerations, which you should take into account before making a decision.

Tax rules require careful consideration and may not reflect your individual circumstances so your actual liability may be higher or lower. The above is based on our understanding of current taxation, legislation and HM Revenue & Customs practice, all of which is liable to change without notice. For more information please visit www.hmrc.gov.uk.

Once you’ve worked out what your pension pot and any other savings, investments, property or entitlements could provide, you’ll be able to look at whether this would help meet your future income requirements and the lifestyle you envisage. It could also influence when you should be able to achievably retire, to try and ensure that you are financially secure. Living longer, with the potential for more time in retirement along with a rising State Pension Age, are all things to consider.

If there is going to be any potential shortfall, topping up your pension in the final years before you retire could make a difference to the amount of money you’ll have to retire with. Alongside this, if you are considering delaying your retirement and continuing to contribute to your pension, the value could still go down while the money is invested and so this will not necessarily mean a larger pot or a higher income when you do come to take it.

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Tips to improve your retirement income

Perhaps you're looking forward to having more time to explore faraway places. Or maybe you dream of simply waking up each day and doing whatever takes your fancy. However you see your future, retirement is a time for you to do the things you've always wanted to do.

Retirement is a time for you to do the things you've always wanted.

The ways that you can take your pension savings changed in April 2015, giving you more choice over how you can access and use the money you've saved up. Deciding what to do with your pension is a big decision. To help you in your planning, here are some tips that could help you increase the money you have available in retirement. 

Make sure you have details for all your pension pots 

  • Locate pension pots that you may have forgotten about. The Pension Advisory Service and the Pension Tracing Service can help you to trace forgotten pension pots.
  • Remember to take your State Pension into account. Find out more about your State Pension, including what you might be entitled to and how to claim, on the gov.uk website. 

Consider topping up your pensions 

  • Think about topping up your pension in the years leading up to your retirement. That little bit extra could make a difference. 
  • Remember, you might be eligible to top up your State Pension too. This could be particularly beneficial if you're self-employed or a woman, because it's possible your State Pension entitlement may be low. 
  • Depending on the type of pension you still have in place, you could keep saving into your pension once you're retired too. This has tax-free benefits that could help you save that bit extra. However if you're over 55 and have already drawn a flexible income or taken a cash lump sum, over your 25% tax free cash, the amount you can contribute tax-free into a pension may be limited. 

Consider retiring a little later than you'd originally planned

  • Delaying your retirement might give your pension fund more chance to grow. Remember though, if your pension fund remains invested the value could go down as well up and you may not get back what you put in. If you defer your retirement, it's also important to check whether this will affect any state benefits you're entitled to. 
  • Working part-time for a while after you finish full time work might enable you to delay drawing money from your State Pension or your pension, meaning your money may last longer when you do retire. 
  • Maybe you fancy trying something new, like setting up your own business. Becoming your own boss could be a good way to stay active and keep earning.

As well as deciding what to do with your pension, there are other things to think about when it comes to making sure you have the retirement lifestyle you want. Feel inspired by the possibilities that retirement can bring by watching our new video or try our retirement 'life list' tool, using the related links below.

Delaying when you take your pension

We have an exciting amount of choice in our lives these days. Whether it’s the way we shop, or how we communicate, there’s more freedom over how we do things. This is also true when it comes to how you choose to retire.

And because we're living longer, delaying your retirement might be one way to approach it.  You could take your time and ease into things.

More and more of us are choosing to extend our working-lives.

If given the opportunity, more and more of us are choosing to postpone retirement. Perhaps you don’t feel ready to retire yet because you still enjoy your role at work. Or maybe you wouldn’t have enough money to live on if you retired right now, so you want to put a bit more into your pension savings first.

If you are thinking of postponing the date you originally chose to retire when you set up your pension, one of first things we’d recommend, is contacting your plan or scheme provider to talk through your options.

Choosing to phase your retirement 

More and more of us are choosing to extend our working-lives. That could mean leaving full-time employment and going part-time, or trying something new like starting your own business. By continuing to work you may be able to contribute more money into your pension and take advantage of the tax benefits in doing so. That might mean you could have a bigger pot when you do retire completely.

You can delay your State Pension too

Although you can't take your state pension before your state pension age, you can delay taking it until a later date. If you do, when you start drawing it down, you will receive a higher income that is equal to the amount of pension you would have got, plus interest. 

Key things to consider

  1. By delaying when you take your pension, your pension funds may have grown but there’s a chance they might have gone down in value too. It could mean you have less money when you come to take your pension and you may not get back what you put in. Charges will also continue to be applied whether or not you withdraw any money from the fund.
  2. If you eventually decide to use your pension savings to provide an income, there is no guarantee you will receive more, or even the same amount as if you were doing so now. For example, annuity rates may have changed.  In addition, the income you lose out by delaying, may outweigh any growth on your fund from leaving it where it is.
  3. There may be guarantees that you could lose, or restrictions or adjustments that are applied to your pension, that you will need to consider if delaying taking your pension beyond the original retirement date.
  4. State benefits that you may be entitled to, may be affected if you delay your retirement date.

More information

We are not recommending a particular retirement option, or course of action, over another. There are other options available, which you can read more about using the related links below or by watching our video.

In addition to the support we offer, we recommend that, from age 50, you seek impartial guidance from Pension Wise, the free service from the government that is available on the internet, over the phone or face to face.

Check everything thoroughly with your provider too, as although you no longer have to buy an annuity by your 75th birthday, there may be similar-type rules specific to your plan or pension scheme.

Further information about tax and deferring your State Pension can be found on the www.gov.uk  website. The Pensions Advisory Service can also offer general pension guidance.

Benefits of topping up your individual pension

As you fund an individual pension yourself, the more you pay in, the more potential there is for you to achieve the retirement you want. You may also get tax relief on the additional contributions so it is worth considering topping up your pension.

What difference could it make?

For example, if you are a basic rate taxpayer and you paid in £80 per month to your personal pension, the taxman would add another £20 in tax relief. Over 20 years this would add up to a total pension contribution of £24,000. Broken down, 20 years equals 240 months. So, 240 x £80 = £19,200 in pension contributions and 240 x £20 = £4,800 in tax relief.

Topping up your pension could boost your income in retirement.

And if you earn above the basic rate of tax, you can also claim additional tax relief through your tax self-assessment form.

Plus you could make an even bigger difference to your pension pot by topping up your contributions, although tax relief is subject to government limits.

Please remember that the value of your pension fund could go down as well as up and so you may not get back what you put in.

Topping up - the earlier the better

Topping up your pension could boost your income in retirement. But the earlier you start, the more potential your fund has to grow.
 
And if you opt for an automatic premium increase (API), by adding an extra 5% to your premium every year for instance, your fund could have even more potential to grow.

This is for illustration only and is based on our current understanding of current tax legislation and HM Revenue & Customs practice, both of which may change without notice. The impact of taxation (and any tax relief) depends on individual circumstances.

Why it could pay to top up your company pension

If you are a member of your company pension scheme your employer would normally, at least, match your contributions.

If for example you were to pay in £100 per month, your employer would contribute £100 too.

By paying into your company pension you could be taking advantage of their contributions.

Matching your contributions in this way will depend on the scheme rules, and if they do match what you pay in, they may only contribute up to a certain percentage of your salary.

By paying into your company pension you could be taking advantage of their contributions. And by topping up, you could make the most of it.

What difference could it make?

For example if you contributed £100 per month (which includes £20 basic rate tax relief) over 20 years, assuming your employer matched your contributions, this would give you a potential pot of £48,000. Broken down, this means you'd contribute £19,200; the taxman would contribute £4,800; and your employer would contribute £24,000. This would be more if you earn above the basic rate of tax.

In addition to this, the more you've paid into your pension, the more the taxman may provide in tax relief, subject to government limits.

Please remember that the value of your pension fund could go down as well as up and so you may not get back what you put in.

How do I top up my company pension?

There are various ways you can boost the benefits of your company pension scheme (to find out more refer to the key features of your own company scheme).

  • Speak to your employer about topping up your company pension.
  • You can supplement your contributions through an additional voluntary contributions (AVC) plan, although your employer may not match any contributions through this. This is an individual policy that aims to boost the benefits of your company scheme. You can see the benefits of contributing to an AVC plan with our AVC calculator.
  • You can set up an individual pension arrangement to supplement your company pension.
  • If you are unsure speak to a financial adviser.  

This is for illustration only and is based on our current understanding of current tax legislation and HM Revenue & Customs practice, both of which may change without notice. The impact of taxation (and any tax relief) depends on individual circumstances.

Choosing what to do with your pension savings is one of the most important decisions you are likely to make. It's therefore a good idea to access all of the support available to you, to help you with this decision. We recommend that from age 50, you use 'Pension Wise'; a service available from the government that offers free and impartial guidance to help you along the way. Find out how to access this by visiting www.pensionwise.gov.uk or call 0300 330 1001 to book an appointment. This service is available on the internet, over the telephone or face to face at a Citizens Advice branch.

You may also like to contact a financial adviser.

Whatever you decide to do with your pension, you should shop around for the best income and options to suit your circumstances. The Money Advice Service provide information on how to do this. Our timeline below can also help with your retirement planning whether you’re 10 years or two weeks out. 

So what are you waiting for? It’s time to start preparing for your future.

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Retirement planning - no time like the present

The very concept of retirement is changing. ‘Phased retirement’ is becoming more common; the way we access our pension is now a lot more flexible, and it’s no secret that in the UK we’re living longer than ever before. A longer retirement and more choice over how you take your pension make for an exciting time. And planning ahead will help ensure you’re on track to a financially secure future. Our timeline will help you get started. 

10 years before you plan to retire

Although retirement can still seem a while away, begin to consider what you want your life to be like when you get there.  Here are some things to think about as you start to build your plan: 

  • The age you’d like to retire. 
  • How much you’ll likely have in your pension fund/s - and the income you’ll need when you retire. 
  • Any savings, investments or other assets that you could add to your retirement income.
  • How your living expenses could change in the future.
  • How you’ll pay for any travel, hobbies or further education once you’ve retired.
  • An emergency savings fund, to help with any unexpected costs like car or home repairs.
  • Paying off any debts before you retire.
  • How you’ll support your dependants once you’ve retired.
  • Putting money aside to pay for long-term care for you, your partner, or other dependants.

Don’t forget that your spending habits are likely to change in retirement. For example your commute costs are likely to be lower, but more time at home may mean your utility bills go up. A budget calculator can help you work out your outgoings and you can also find out more about your changing income needs within the ‘related content’ below. 

Planning ahead will help ensure you're on track to a financially secure future

Five years before you plan to retire

Now is the time to make sure your goals are on track:

  • Decide the age you’re likely to retire.
  • Consider phasing your retirement, and continuing to work part-time for your current or a new employer.
  • Boost your pension by increasing your contributions and/or adding lump sum payments (take advantage of any unused pension tax allowance).
  • Trace any lost pensions through the Pension Tracing Service.
  • Ask for up-to-date statements for all your pensions. You can also get a forecast of your State Pension at www.gov.uk.
  • Look over your investments and savings to see if they still meet your attitude to risk as you get closer to retirement.
  • Think about whether you’d like to take an income from your pension or whether you want a pot of cash, including any tax free allowance, to do something different in retirement.
  • Discuss your options with a financial adviser, if you have one.  You could also talk to family and friends.
  • If you’re 50 or over you can also access free and impartial guidance from Pension Wise. This service is available on the internet, over the telephone or face-to-face.
  • Write a Will or review your existing Will - and plan what will happen to your pension and estate if you die plus any tax implications.

Six months to go

It’s time to give yourself a retirement-readiness check-up:

  • Review your pension statements to get an accurate picture of what your funds are worth.
  • Make an appointment with your financial adviser for advice on the best retirement options for you.
  • Determine the best option/s for taking your pension savings to meet your financial and lifestyle needs.
  • Tell your pension providers you’re planning to retire, so that they can send you any and all information you need in plenty of time.
  • Update your beneficiary information.
  • Set a date for a pre-retirement meeting with your employer.
  • Let the taxman know you’re retiring because your change of status will affect your tax code.
  • Budget for changes in your day-to-day spending after you retire.

Twelve to eight weeks before

It’s down to business now - you’re just outside of your selected retirement date:

  • Speak with a financial adviser to consider your options and retirement plans.
  • Ask your provider about the ways you can access your pension based on the options available.
  • Re-discuss your options with an adviser, family and friends - and those who’ve already retired.
  • You should get a letter four months before you reach State Pension Age, telling you how to claim your State Pension. If you haven’t received this by three months before, here’s how to claim this
  • Look into any entitlements from the government over and above any State Pension you may get, as these could make a real difference to your living costs.
  • Don’t forget to access Pension Wise for further impartial guidance.

Eight to two weeks before

The final countdown! It’s time to make sure you have all the information you need to help make a decision:

  • Consider any retirement quotes that your provider may have sent you. 
  • Remember, if you want to use your pension to provide an income, you should shop around the different providers to get the best income you can. If you and/or your partner have a health and/or lifestyle condition then you could get an even higher income as different providers also cover different conditions.  More information on how to shop around can be found on the Money Advice Service website.
  • You'll also need to apply to your provider/s if you're moving pensions from different sources.
  • There you have it; happy retiring!