I'M APPROACHING RETIREMENT

Learn more about the options available to you as you reach retirement and when you are able access your pension savings.

GETTING CLOSER TO RETIREMENT: KNOW YOUR OPTIONS

Watch our Expert Session films which are filled with useful content to help you plan for retirement.

WHEN SHOULD I TAKE MY PENSION BENEFITS?

You have a number of options available to you when it comes to taking your pension. Our Retirement Expert Nina runs through your options, when you can take your pension and who can help in our short Expert Sessions film.

WHAT IS THE STATE PENSION?

There are a number of differences between the State Pension and a private pension, including when you can get it and how much you'll get. Our Retirement Expert Alison explains more in our short film.

SHOULD I POSTPONE MY RETIREMENT TO GIVE MY PENSION TIME TO RECOVER?

If you’re due to retire soon, you may be considering postponing your retirement if your pension value has dropped. Our Pension Expert Sam explains what you should consider.

HOW IS YOUR PENSION POT INVESTED?

Your pension is a long-term investment plan that is invested in assets, such as stocks and shares. As you get closer to retirement your attitude to risk might change and its important to think about how your pension is invested and how much risk you are comfortable with taking.

Pensions are a long-term investment that helps you save for your retirement in a tax-efficient way. The retirement 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 which isn't guaranteed, and can go down as well as up. The value of your plan could fall below the amount(s) paid in.

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Taking your pension

PENSION OPTIONS

There is more than one way to take your pension when the time comes. From taking a cash sum to a more flexible approach, it’s worth finding out which way suits you, particularly as all options have different tax implications.

Taking your pension Taking your pension

HOW IS YOUR PENSION IMPACTED BY TAX?

HOW IS YOUR PENSION IMPACTED BY TAX?

Most people still need to pay tax when they retire. This means that you’ll continue to get an annual tax code and pay tax on any income you receive over your personal allowance. You can normally start taking benefits from your pension once you're over 55 and you can take up to 25% of the value of your pension pot as a tax-free lump sum. Find out more about how your retirement is impacted by tax at the link below.

Please do remember that the tax treatment of your pension depends on your individual circumstances. Your circumstances and tax rules may change.

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PENSION TAX CALCULATOR

PENSION TAX CALCULATOR

Find out how much cash you could take from your pension tax-free with our calculator.

Calculate your tax Calculate your tax

LESS THAN 10 YEARS FROM RETIRING? HERE'S SOME EXTRA STEPS YOU SHOULD TAKE

Even if you have less than 10 years before you retire, small changes now could make a big difference to the size of your pension pot. Follow our checklist to make sure you’re doing everything you can to make the most of your retirement.

Make a plan Make a plan