Consolidate your pensions into a SIPP
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Approaching retirement checklist
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Starting to save for a pension, approaching retirement, or after an explainer on pension jargon? We can help.
To help you make those all-important choices about your pension in the run up to your retirement here are 10 things you should consider.
If you have changed jobs you may have lost track of old pension schemes - you can use the Government’s pension tracing service to help track lost pensions or call 0345 6002 537
You can start accessing your SIPP from age 55 (57 from 2028). Other pensions such as defined benefit or final salary schemes may not allow you to access them until you are older.
If the total value of your pensions is less than you would like, you can boost this by making contributions.
You may have a defined benefit scheme that will pay you a set amount each year, or have personal pensions with guaranteed annuity rates or a guaranteed minimum pension element.
You can apply online or by calling 0345 3000 168
Get valuations for your other assets such as ISAs, investments and savings. Can you use these to support you in your retirement?
The citizens advice bureau budgeting tool can help you calculate your income needs
You can shop around to find the best provider for accessing your pension. If you want a guaranteed income, you can buy an annuity. Or if you'd prefer, you can take lump sums and/or income from your pension fund. Our guide to accessing your pension explains the different options.
As you near your retirement date you may want to consider how your pension funds are invested, and whether this is still appropriate for your attitude to risk. If you are thinking of taking out a lump sum or purchasing an annuity you will need to cash in your investments to do so. You may want to consider moving your investments into lower-risk assets gradually in the period leading up to your intended retirement date so you are not cashing in all your investments at the same time. If you intend to leave your funds invested and take an income you may want to consider moving into income producing investments.
How you access your pension is an important decision, and we strongly recommend you take advice from a suitably qualified financial adviser. The Government’s free guidance service Pension Wise can help you understand your options. If you choose not to consult a financial adviser, we recommend you contact Pension Wise before making any decisions about how to access your pension.
Watch out for pension scams
Be aware if you are approached by email, phone, text or in person about withdrawing your pension pot.
Find out moreThe value of your investments can go down as well as up and you may get back less than you originally invested. We don't offer advice, so it's important you understand the risks, if you're unsure please consult a suitably qualified financial adviser. Tax treatment depends on your individual circumstances and rules may change. Past performance is not a guide to future performance and some investments need to be held for the long term.