3-5 years to retirement

Step 1: Get up-to-date statement

Ask your pension provider(s) for up-to-date statements that show what your pension savings are worth.
Check our budget planner again – are you saving enough?
Check your state pension forecast and National Insurance record — that will have an impact on how the amount you need to save to get the income or lifestyle you want in retirement. Remember that you normally need 35 years of full National Insurance contributions to qualify for the full state pension. If you don’t have enough, you might be able to top up, but before you do, think about the cost.

Your investment choices should match how you feel about risk, and when and how you want to access your savings. We always recommend regular reviews of your pension plan’s investments. If you feel like the investments in your plan don’t match your savings goals or retirement plans, you can usually change them without charge.
If you don’t feel comfortable making those decisions for yourself, speak to an independent financial adviser – you’ll find one local to you at Unbiased.
Our guide to investment choices tells you more.

Could you have a pension plan you’ve forgotten about? The Government offers a pensions tracing service to help you check.
If it’s possible you could have lost investments over the years, check the National Savings and Investments tracing service to track them down.
Do you think you might have bank or building society accounts that you can’t find right now? Go to My Lost Account.

Review the retirement options available to you again. Pension Wise is a government service from MoneyHelper that offers free, impartial guidance about your pension options. An appointment with Pension Wise will talk you through your options to help you make the right decision. You’ll also find out about the other factors you need to consider when deciding on your options before retirement.
It’s worth remembering that your options could change over time, and that new options could become available.
Your needs may have changed too. Think about how you want to live in retirement, then think about how you’d like to access your savings.

Your pension provider will send you a retirement pack when you reach age 50, then every five years after that.
The pack confirms the value of your pension savings and risks to consider. Get in touch with your provider if you have any questions, make sure you understand what pension savings you have.