Ready to choose?

Choosing the right option is a big decision that will affect the rest of your life. Our retirement checklist covers some of the main points you should consider.

Retirement checklist

Knowing the basics

Can you answer yes to the following?

  • I know what I’m going to get from my State Pension.
  • I know I can afford to retire.
  • I know what type of pension I have and the benefits it includes.

Not sure? Visit Retirement explained

Understand your options

Can you answer yes to the following?

  • I understand the options that are available.
  • I understand the differences between these options.
  • I know which option suits my circumstances.
  • I know I will need to shop around to get the right deal.

Not sure? Visit Your pension options

Calculate your retirement income

Can you answer yes to the following?

  • I have calculated how much income I could receive from each option.
  • I understand the impact of tax on my income.
  • I understand how long my money could last and what will happen to it when I die.

Not sure? Visit Retirement calculators

Things to consider

Can you answer yes to the following?

  • I’ve read through the Government's Pension Wise website.
  • I understand the impact of taking my pension on debts and means-tested benefits.
  • I understand how I will be taxed in retirement.
  • I understand how the Money Purchase Annual Allowance will affect my future contributions if I take money out.

If you wish to take full encashment you should consider how you will provide for any dependants.


You may have guarantees applying to your policy which you may lose if you fully encash. For further information on whether your policy has a guarantee please refer to your policy documentation or please contact us.

Pension scams

Fraudsters may target customers with new access to large sums of money. Make sure you know how to recognise scams and protect yourself.

Not sure? Visit Things to consider

Ready to choose?