Your retirement action plan

It is important to be clear about your choices, identify the risks involved and also understand the tax you may have to pay.

Everyone will have a different retirement plan and make different choices about the way they use their pensions, savings and investments to generate an income in retirement.

You should also be aware of pension scams and check whether the company is registered with the Financial Conduct Authority before going ahead with any decisions.

So, firstly...

Consider what lifestyle you want in retirement

Figure out what acceptable income level you will need

Identify your current assets and liabilities

Consider the assets you are planning to build up towards retirement

State Pensions

Visit www.gov.uk/state-pension-statement and complete form BR19 to request a pension forecast

Find out your State Pension Age and the amount you may receive

Workplace Pensions

Defined benefit (DB) (these can be Final Salary or Career Average)

Request details of all of your DB pensions

Ascertain when you can take your DB pensions

Find out the impact of taking your pension early from your DB scheme i.e. before the scheme’s retirement age

Check how much income is due from your DB scheme

Defined contribution (DC) schemes

Request details of all your DC schemes

Obtain an up to date valuation for your DC pots

Find out when you can access your DC pots

Research what your options are

If need be use the Pensions Tracing Service www.gov.uk/find-lost-pension if you think you have pensions elsewhere

Other Pensions

Gather together all your personal pension details and find out when you can take them

Obtain up to date valuations of your personal pensions

Check the value of any previous pension schemes

Other savings and investments

Obtain up to date valuations on your ISAs

Obtain details of shares and investments you own

Are your other savings and investments aligned with your plans?

Calculations

Calculate your pension after Income Tax deductions

Work out the tax free cash sums from your pension

Add up your existing savings and investments

Calculate the income you need from your investments

Can you benefit from greater tax efficiency, i.e. consider tax brackets

Help and advice

Make a written plan for your retirement, including all your sources of income

Use the Money Advice Service budget planner to work out the income you need: www.moneyadviceservice.org.uk/en/tools/budget-planner

If applicable, arrange a Pension Wise appointment: https://www.pensionwise.gov.uk/en

Arrange a meeting with a regulated financial adviser

Everyone will have a different retirement plan and make different choices about the way they use their pensions, savings and investments to generate an income in retirement.

It is important to be clear about your choices, identify the risks involved and also understand the tax you may have to pay.

You should also be aware of pension scammers by checking whether they are registered with the Financial Conduct Authority. If they aren’t listed then there will be no place to go if the investment turns out to be a scam.

If you would like to discuss this, require further information and to book an appointment with an Adviser, please contact my wealth on 0800 028 3200.

*This is not an exhaustive list but should be used for guidance purposes only.

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