Getting ready to access

Step 1: Read your retirement pack

Your pension provider(s) will send you a retirement pack about six months before the retirement date you’ve chosen. It’ll include an estimate of the pension savings value and show all the ways to access your pension savings when you’re ready to.

Read all the information in your pack and contact your provider if you have any questions or concerns.  

Step 2: Do your research

• Get a free guidance appointment with Pension Wise, a Government service from MoneyHelper. They’ll talk about your plan and the ways you can access your pension savings, including how those savings or any income could be taxed. You can also get independent financial advice from a regulated adviser. You’ll find one local to you at Unbiased.
• Use the estimate of your pension savings value to shop around and see if you get a better deal from another provider You can ask other providers directly, or check a comparison website to see what’s on offer.
• If you are considering a guaranteed income in retirement it’s important to shop around. If you smoke or have certain medical conditions, like asthma or high blood pressure, some providers will offer you a higher income known as an enhanced annuity. Make sure you understand how the different ways of taking your pension will impact your overall tax position and any state benefits you get now or could get in the future

Step 3: If you're not ready to access your savings

• You don’t have to do anything with your pension savings once you reach the retirement date on your plan. You can leave them where they are.
• Check your pack to make sure you won’t lose special features like guaranteed annuity rates if you decide to delay. You should also regularly review your investment choices to make sure they’re still right for you.
• If you’re in any doubt, speak to your provider or ask Pension Wise to help you understand how leaving your savings where they are could affect your policy.