4-6 months to retirement

Step 1: Read your retirement pack

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.
   

Step 4: Consider your State Pension

• Be aware that the chosen retirement date on your pension plan might be different from your state retirement age. Right now that’s 66 for both men and women, going up to 67 between 2026 and 2028.
• About four months before you reach state retirement age you’ll get a letter from the Government inviting you to claim your state pension.
• You must make a claim to get your state pension, it isn’t paid automatically. But just like your pension policy, you can choose to wait and claim at a later date.
• You don’t have to retire once you reach state retirement age. If you’re working and claiming your state pension at the same time, make sure you understand how this will impact your tax position.