Retirement checklist

Knowing what to do with a pension and when to do it is crucial when you retire. It’s essential that you have all the facts and paperwork to hand and then make a plan. After all, you’ve paid into your pension for years and want to get the most out of it that you can. This checklist is designed to help you ask all the right questions and also point you in the right direction for information and help.

Pensions Checklist

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  • 1. Set a retirement date?

    If you have, make sure you tell us and any other providers.

  • 2. Know how much your pension is worth?

    If you don’t know how much your entire retirement savings are worth, contact us or your other providers.
  • 3. What income do you need?

    Sit down and work out just how much retirement income you’re realistically likely to need, rather than want.
  • 4. Forgotten anyone?

    Make sure you include everyone who you’ll need to support financially.

  • 5. Do you understand all your options?

    Taking a lump sum or an income? If you’re not sure, Click here to see the options that could be available to you.

  • 6. Know you can mix-and-match?

    Find out whether your pension will allow you to take a lump sum and an income. Click here to find out more.

  • 7. What are the tax implications?

    Get to know how tax will impact on whichever option you pick. Click here for more details.

  • 8. Want to keep contributing?

    If you want to continue putting money into your pension before taking any out, that’s not a problem.

  • 9. What happens if you die before taking your pension benefits?

    It’s essential that you know what will happen to your money in the event of your death. Click here for more information.

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Shop Around

It really does pay to shop around not least because charges vary especially if you're aiming for flexibility and/or there are more complex issues to consider.

STOP

Before you decide anything, it's important to get sound financial guidance and advice.

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Pension Wise

Pension Wise is a government sponsored scheme that offers free appointments. It helps people ages 50+ understand what to do with their retirement savings.

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Unbiased.co.uk

Getting independent advice could save you money in the long run. Unbiased.co.uk can match you with a local FCA approved independent financial adviser.

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