6 Months to Retirement
YOUR RETIREMENT AGE
<<Back
If you plan to continue working beyond your normal retirement age, you will need to defer your pension pots by contacting the relevant providers. Remember, there are schemes which have a retirement date written into them which gives preferential terms. For example, final salary schemes or those with guarantees which are lost if the benefits are not taken at the Normal Retirement Date for the plan. You must inform the Pensions Service if you want to defer your state pension. If you wish to continue working beyond the state pension age, you should inform your employer as you will no longer need to pay National Insurance Cont
ributions.
YOUR UP-TO-DATE FIGURES
Again, you will need to contact all providers so you have an accurate depiction of your pension figures. You should also begin considering the Open Market option, which entails ‘shopping around’ for the best options and annuity figures, as well as if purchasing an annuity is the best route for you.
REALISING THE POTENTIAL
The income your retirement funds could achieve can dramatically vary depending on the research performed prior to retirement. Factors such as meeting your needs, utilisation of your funds, and possibly enhancements available could all make the difference. The relevant industry knowledge can prove pivotal in realising your pension goals.
Want to take the ‘tire’ out of retirement? Need help with any of the above?
Contact one of our experienced, knowledgeable and friendly advisers for a chat:
Mark Barr APFS, Daryl Franklin Cert PFS or Davina Olson Dip PFS on 01473 408422 or ifa@wmibl.co.uk
