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.

Extra help

Extra help

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