When to take your money

If you don’t want to retire anytime soon, you could keep your pension where it is for now. Doing nothing (also called deferring your pension) is one way to give your savings more time to potentially grow.

Could you pay more into your pension? Even the smallest increase can make a big difference. And remember, if you’re paying into a workplace pension your employer may also pay in more.

You might want to combine pensions. This can make keeping track of the value of your pension savings a little easier. It also means less paperwork to deal with, and may reduce the costs of managing your pension savings.

Different types of investment come with different levels of risk. Before moving any of your investments, we recommend that you speak to a financial adviser. Advisers will normally charge for their advice.

It’s a good idea to review where your pension is invested, especially if you’re approaching retirement. If you are invested in a lifestyling strategy, it means that we’ll gradually move your savings from higher-risk investment funds into lower-risk investment funds as you reach your retirement date. This means the potential for returns on your investment also decreases, as you’ll be invested in less risky funds.

Pensions are a long-term investment. The benefits you receive from your pension plan will depend on a number of factors including the value of your plan when you decide to take your benefits. The value of your plan can go down, as well as up, and could fall below the amount you paid in.

More and more, property is a source of retirement income for many of us. Whether you choose to downsize, borrow against the value of a property, or even rent, there are a range of options to explore.

There are other ways in which your retirement savings could be enhanced. You may be expecting a gift or some inheritance in the future. You may decide to continue working – even if you reduce the number of hours you work at the moment or change your job altogether.