Beginners’ Guides

Beginners’ guide to pensions and retirement

When you retire.

The moment has come for you to retire. You can normally decide to take a retirement income from your pension any time between age 55 and 75, in many circumstances even if you’re still working.

At your selected pension date, you’ll have a number of options to choose from. You don’t have to make these decisions until you’re approaching retirement, when you may want to discuss your options with a financial adviser.

If you are a member of a final salary scheme, the retirement income you’ll receive will be determined by the rules of the scheme. It will be based on your earnings and the length of time you’ve worked at the firm. You’ll need to contact the scheme administrators for details of your retirement income, and your options.

If you are a member of a money purchase scheme, you will have a number of different choices depending on the size of pension pot you have built up, the type of pension you have and how old you are.

You don’t have to buy your retirement income (typically an annuity) from your pension provider. You or your adviser may be able to find another pension provider who can offer you a higher level of retirement income.

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