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Retiring

When can I retire?

You can start taking your pension benefits at any time from age 55 (this is increasing to age 57 from April 2028). The earlier you start taking your benefits, the less time you’ll have for your pension fund to build up, and the longer you’ll need it to last.

Steps to retirement

  • Request a retirement pack from the Plan administrator. If you don’t request one, you’ll receive a retirement pack six months before your target retirement age.
  • Take guidance or financial advice to help you understand your options and decide what’s right for you.
  • Decide whether you’ll be using income drawdown, buying an annuity, taking cash or a combination of these. See Retirement options for more details.

  • Research the market for your choice of drawdown or annuity provider.
  • Beware of scams.
  • Complete the relevant forms from the Plan administrator to process your retirement choice.
  • Start enjoying your retirement.

New opportunities

No longer having to work might feel strange at first, but once the novelty has worn off, you might want to find something to do with the time you’ve now got on your hands.

Here are a few ideas:

  • Hobbies – now is your chance to do all those things you love, that you didn’t have time for around hours spent at work.
  • Learn something new – retirement is a great time to develop new skills and interests. Check out the Open University, your local college or the University of the Third Age.
  • Volunteer – utilise your transferrable skills and get more involved in your local community.
  • Work – this might be the last thing you fancy doing but many people take some part-time work to give structure to their lives, earn a bit of extra money or do something they enjoy.

 

Take care of yourself

Don’t forget to take advantage of the different health benefits you become entitled to when you reach certain ages:

  • Free NHS eye test when you’re over 60
  • Free NHS prescriptions in England and Wales when you’re over 60
  • Flu jab – free to anyone over 65
  • Free health check – anyone between the ages of 40 and 74 is eligible for a free NHS health check every five years.