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.

  • Need guidance or advice?

    Free and impartial pension guidance service and information on obtaining financial advice

  • Request your retirement pack

    For information on accessing your pension funds, request your personal retirement pack

  • Contact us

    Find our contact details to get in touch about your policy