Step 1: Compare pension values
If you’re planning to take your pension benefits, you can get up to date comparisons for any products you’ve found from shopping around.
Your pension providers will send you an up to date illustration of the value of your pension savings you have with them.
Step 2: Get guidance and advice
If you haven’t already done it, get free impartial guidance from Pension Wise, a government service from MoneyHelper. You can also get independent financial advice from a regulated adviser. You’ll find one local to you at Unbiased.
Step 3: Decide whether to take benefits now or later
You don’t have to claim the pension benefits on the retirement date on your plan – you can delay if that’s a good option for you. If you’ve reached state pension age you don’t have to claim your state pension immediately.
If you’re still working at state pension age (66, rising to 67 between 2026 and 2028), tell your employer as you don’t have to pay National Insurance after you reach state pension age.
Step 4: Check your tax code
If you’ve decided when and how you plan to take your pension benefits,you might want to let HMRC know, so that they can update your tax code.
4-6 months to retirement