Retiring In The Next Few Years? Know Your Options First
Most people get one shot at the decisions they make at retirement. Speak to an FCA-regulated adviser about what your pensions can actually do for you.
- Free, no-obligation conversation
- FCA-regulated advisers only
- Takes around 60 seconds to enquire
What Happens Next
- You tell us the basics. Approximate pension value, your age, and when you are hoping to retire.
- We match you to a regulated firm. One FCA-regulated adviser, not a panel of five chasing you.
- They call you. Usually the same working day.
The Questions Worth Answering Before You Retire
Retirement is not one decision. It is a run of them, taken in a short window, most of which cannot be undone.
Can I actually afford to stop?
The honest answer usually comes down to arithmetic nobody has done yet: what your pensions are worth, what income they could produce, what the State Pension adds and when, and what you actually spend.
What do I do with the pots I have?
Most people have several pensions from different employers. Some are worth keeping exactly where they are – older schemes can carry guarantees that would be expensive to give up. Others sit in poor-performing default funds charging more than they should. Knowing which is which is the whole job.
Guaranteed income or flexible income?
An annuity gives certainty. Drawdown gives flexibility and control. Both have a place, and a combination often works better than either on its own.
How do I avoid paying more tax than I need to?
Up to 25 per cent is normally tax-free. The rest is taxed as income. The order in which you draw from pensions, savings and other assets makes a measurable difference to what you keep.
What happens to it when I die?
Pensions have historically sat outside your estate for inheritance tax. That changes from April 2027, when unused pension funds are expected to be brought within the scope of inheritance tax. If passing money on matters to you, it is worth reviewing now rather than later.
Common Questions
How early should I get advice?
Five years out is ideal. Twelve months out is still useful. After you have drawn money is often too late to change the outcome.
I have several old pensions. Is that a problem?
Not necessarily, but it makes planning harder if you do not know what you hold. An adviser will help you build the full picture before deciding anything.
Should I combine my pensions?
Sometimes yes, sometimes firmly no. Some older schemes include guaranteed annuity rates or safeguarded benefits that are valuable and would be lost on transfer. This must be checked before anything moves.
When do I get my State Pension?
It depends on your date of birth. You can check your State Pension age and forecast free of charge on GOV.UK. Your adviser will factor it into any plan.
What does this cost me?
Nothing to enquire, and nothing to be introduced. The adviser explains their own charges before you agree to anything.
Important information
Pensions Advice UK is a trading name of GAP GNX Limited (Company No. 12013134). We are not authorised or regulated by the Financial Conduct Authority and we do not provide financial advice. We introduce enquiries to FCA-authorised and regulated advice firms. Nothing on this page is a personal recommendation.
The value of investments and the income from them can fall as well as rise and you may get back less than you invested. Tax treatment depends on individual circumstances and may change in future. This page is not tax advice.
Free and impartial guidance on your pension options is available from Pension Wise, a government service from MoneyHelper, for anyone aged 50 or over. You can also seek independent regulated advice.
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