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Plan
Retiring might not be the right thing for you at the moment but knowing what your options are will help you plan for your future. Once you’re in your 50s or 60s, giving yourself time to think about when to stop work, your circumstances, and what’s important for you are key to planning a successful retirement.
Things to think about:
- When do you want to retire?
- Do you have a partner who’s also going to retire?
- Do you have any dependants you need to provide for?
- What’s your health like?
- Do you want to manage your retirement income yourself?
- Do you have any other pensions or sources of income?
- Do you have debts or a mortgage to pay off?
Your retirement choices
Your Plan savings are very flexible. You can use the money in your pension account in the way that’s best for you. If you want to, you can take up to 25% of your account as a tax-free cash lump sum (capped at £268,275) and then use the rest to provide a taxable income in one of the following ways:
Income drawdown
An arrangement where you keep your savings invested and take cash sums as and when you want to. There are different drawdown providers, and you should compare their services to find the one that’s best for you.
Annuity
You use the money in your pension account to buy an insurance product that guarantees you a regular income for the rest of your life. There are different types of annuities, and you can shop around to get the best deal – like you would for your home or car insurance.
Cash
You can take the whole amount as a cash sum. Bear in mind that only the first 25% (capped at £268,275) is tax free and you’ll be taxed on the rest.
A combination of these
You can mix and match to suit your circumstances.
For example, you might want to use drawdown or cash at the start of your retirement when your expenses might be higher, but then later buy an annuity, if you don’t want to manage your retirement income yourself. It’s completely flexible and up to you.
Review your investments
Is your pension account invested in a way that matches how you plan to use the money, so that it’s in the right place to suit your choices when you retire?
If you’re using one of the lifestyle strategies, check it’s targeting the choice you’ll make for taking your money (drawdown, annuity or cash) and that your target retirement age is correct.
If you’re using the self-select funds, you might want to check the level of risk in your investments to avoid any unwelcome surprises from sudden falls in the markets close to your retirement.
Get financial advice
It’s a big decision, so it’s worth spending some time to think about your options and plan in advance, so you can really think things through without rushing.
Guidance about your pension choices
Regulations require that you take financial guidance or advice about your pension before proceeding with your retirement choices. Neither the Trustee nor Legal & General can give you financial advice.
From the age of 50, you’re entitled to a free guidance session about your options from Pension Wise, which is a government service provided by MoneyHelper. It’s available online, in person or over the phone, and your adviser will talk you through all the options and help you understand what’s right for you. You can book your Pension Wise appointment yourself on the MoneyHelper website or you can ask Legal & General to help arrange one for you.
Independent financial advice
If you’d like more detailed advice or your situation is complex, you should get independent financial advice from a certified adviser who’s qualified to give advice about pensions. A financial adviser will charge for their service but will be able to talk you through your options in relation to your circumstances.
You can find an adviser in your local area by going to:
Watch out for scams
Sadly, scammers are continuing to target pension pots of all sizes, so please be particularly careful when you’re deciding how to take your benefits. Around half of pension savers don’t believe they’re at risk of being targeted by a pension scammer but, unfortunately, pension scams can happen to anyone, and no pot is too small for a scammer.
Common pension scams include early pension release or free pension reviews. You should always:
- reject any contact out of the blue about your pension or investments
- check the Financial Conduct Authority’s warning list
- avoid being rushed into any decisions
- get impartial advice.
Don’t let a scammer ruin your retirement. There’s more information on the Pensions Regulator’s website about pension scams and how to avoid them.
Retirement webinars
Legal & General run regular webinars throughout the year, which are suitable for members over the age of 45. They focus on the different ways you can take your retirement savings and key things to think about as you get closer to retirement:
- Getting to grips with retirement planning
- Getting ready for retirement.
(Monday to Friday, 8.30am to 7pm)
