Your retirement checklist

There are some key things you should consider as you approach your current retirement date.

6 months before retirement

  • Find out more about your pension options.
  • Check how much your pension is worth.
  • Track down any lost pensions.
  • Get some advice and guidance before you decide what to do with your pensions. As well as speaking to us, you could try Pension Wise from MoneyHelper. This free, impartial service helps you understand your options for using your pension savings. To find out more, visit the MoneyHelper website or call 0800 138 3944.
  • If you’re unsure or need more help to make sure you know which option is right for you, we recommend that you speak to your financial adviser. If you don’t have one, you can visit the unbiased website to find one. Advisers will normally charge for their advice.
  • Consider any valuable guarantees, such as a guaranteed annuity rates, you could be giving up based on your choice. Take extra care to read through your policy documentation.
  • Shop around with other companies to make sure you get the best deal if you’re looking at a guaranteed income for life (annuity), or flexible access.
  • Decide what’s going to work best for you – will you keep working, or do you want to take some money now? You might do a little of both?
  • If you do keep working, don’t forget to tell your employer if you’re approaching State Pension age because you won’t have to pay National Insurance contributions.
  • Think about how much income you need and when you need it. Also include any income from your State Pension and take into account any pension savings you may have with different providers. To check when you can start to receive the State Pension and how much you're going to get, use the Government’s calculator.
  • Consider combining your pensions.
  • Think about making or updating your will.
  • Nominate or update your beneficiaries.
  • Let HMRC know you are retiring, because your tax code may change.

6 weeks before retirement

If you’ve not already done so:

  • Let us know your decision. Remember you don’t need to retire or take your benefits now. You can choose a later date , but make sure you aren’t giving up any valuable guarantees that only apply at your chosen retirement date.
  • Claim your state pension, if applicable. This doesn’t get paid automatically. To do so, visit the Government website.

Have a closer look at your options

Flexible access to your pension savings

Flexible access to your pension savings

You can leave your pension savings invested, and take parts of your pension or withdraw a flexible income when you need it.

Flexible access

Buy a guaranteed income for life (annuity)

Buy a guaranteed income for life (annuity)

Use your pension savings to provide a regular guaranteed income for life.

Annuity

Leave it for now

Leave it for now

You don't need to do anything yet, you can leave your pension savings invested and make a decision when you're ready to retire.

Leave it

You don't have to use just one option. You can combine these options in many different ways to meet your needs. Have a look at our table (PDF, 50KB) to help you compare the options. 

Retirement calculator

Retirement calculator

Our calculator can help you find out what your income and lifestyle could be in retirement.

Having the value of any pensions, savings and investments you have will help you get the most out of the calculator.

Use the calculator

Extra help

Extra help

Do you have a question?

Need a quick answer to a simple question?

Chat to us, just click the chatbot tab on the right.

 

Talk to someone

This is great for more detailed questions and pensions guidance.

Find the number that's right for you on our contact us page.