Your choices at retirement

Pensions

As a general reference point, the Pensions Advisory Service website provides a host of information about all things pensions. The Money Advice Service also have a section around pensions and retirement that offers information on how and when to start saving for your pension, getting the most from your pension fund, and managing your money in retirement.

The Money Advice Service also provide a range of free guides on pensions and retirement, which you can either download directly from the site, or request printed copies.

If you’d like some guidance on whether a workplace pension scheme is the right way for you to save for the future, take a look at the workplace pension advice tool offered by the Money Advice Service

At retirement

If you’d like to get a statement of how much state pension you’re entitled to receive, you can do this by completing this online BR19 form, or printing out this version of the same form. You can find out more about the basic state pension on the Government’s site.

When you reach retirement, you’ll be faced with what to do around taking your retirement income. To help you with these big decisions, the Money Advice Service has put together a section on what to consider/do when approaching retirement. Also, you might want to have a look at the Moneysavingexpert ‘Choices at retirement: a guide to annuities’ booklet before you decide which option is best for you.

Also, at retirement, you’ll need to decide whether or not to take part of your pension as a cash free lump sum. HMRC have more information on this and what else you need to think about when taking your pension on their website.

If, at any point, you feel you’d like to discuss your situation in more detail, please get in touch with us and we’d be happy to arrange a meeting. You can call us on 0844 573 0033, or email us on [email protected]