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Retire
Congratulations – it’s time to retire! If you haven’t thought about how you want to take your Plan benefits yet, you can find out more about your options in planning your retirement choices.
Making your retirement happen
- Request a retirement quote from Legal & General – you can do this online by logging in via Manage Your Account to start the retirement process.
- Take financial advice if you’re still thinking about your choices – you’ll need to show that you’ve received guidance before we can process your retirement benefits.
- Decide how much tax-free cash you want to take (up to 25%, capped at £268,275).
- Decide whether you’ll be using income drawdown, buying an annuity, taking cash or a combination of these.
- Beware of pension scams.
- Complete all the relevant forms from Legal & General to put your benefits into payment.
- Start enjoying your retirement!
Looking after your wellbeing
Retirement is an exciting time, but it’s also a big lifestyle change which can take a bit of time to get used to once you stop working.
On the one hand, you might be looking forward to having more free time, but on the other, you might also be worried about missing the routine of the working day and how you’ll fill your time. These feelings are normal.
Rather than thinking of your retirement as an event, it can be helpful to see it more as a process.
Life in retirement
When the world is your oyster, sometimes knowing where to begin can be overwhelming. Now you’ve got the time, what do you want to do? Here are some ideas:
Hobbies – do your current hobbies give you enough time with other people?
Learn something new – retirement is great time to develop new skills and interests. Check out the Open University, your local college or the University of the Third Age.
Volunteer – pass your skills onto others and get more involved in your local community.
Work – it sounds an odd thing to suggest when you’ve just stopped working but many people, although they’re retired, do some part-time work to give structure to their lives, earn a bit of extra money, make new friends or do something they enjoy.
Take good care of yourself
Remember that once you reach a certain age, you become entitled to different health benefits. These include:
- Free NHS eye tests when you’re over 60
- Free NHS prescriptions in England and Wales when you’re over 60
- Flu jab – free to anyone over 50
- Free health check – anyone between the ages of 40 and 74 is eligible for a free NHS health check every five years.
(Monday to Friday, 8.30am to 7pm)
