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Over 50s
Guide to planning for retirement
Planning for your retirement is important. You may look forward to your retirement as a time when you can have the freedom to do what you want, or as the time you will be rewarded for working all your life. Before you retire, it's worth planning your finances to make sure you get the most out of this time in your life.
What to expect when you retire
When retirement's on the horizon, you'll be thinking of your pension and financial planning. However, your complete retirement from work or changing work patterns – such as becoming a part-time or temporary worker – will also mean changes in your lifestyle, and it's important to consider the emotional and practical implications of these changes.
Saving for retirement
Saving for your retirement is one of the most important financial plans you can make. You can choose to save in a pension scheme and/or a savings plan, but whatever you decide, you'll want your funds to grow and be worth as much as possible in the long-term.
Types of pensions
Find out about the different types of pension schemes – including the State Pension, personal and stakeholder pensions, and company (occupational) pensions.
Forecasting your pension
It's a good idea to check how much pension you'll receive on retirement, so you can take action now if you think you won't have enough to live on when you retire. You can do this by getting a forecast of what your State Pension or other pensions will pay.
How to catch up if you've got little or no pension
If you have little or no pension you might want to consider starting a personal pension, as well as looking into any options for saving for a pension through your work. A good place to start is to find out how much State Pension you will be entitled to.
What to do about gaps in your National Insurance record
You get a State Pension if you've paid enough National Insurance contributions (NICs) during your working life. If there are gaps in your NICs record, your entitlement to the State Pension might be affected. You might want to consider filling in the gaps by paying extra contributions.
Pension rule changes from 2006
Since April 2006, simpler rules have been applied to both personal and company (occupational) schemes. The new rules allow most people to pay more into their pension schemes – and on more flexible terms.
Getting information and help with pensions
Information about the different types of pensions is freely available from several organisations. Some have advisers who will help you understand your pension options. For advice tailored specifically to your needs, you should consider speaking to an authorised financial adviser, but you may have to pay for their advice.
Choosing and using a pensions adviser
If you're considering taking out a stakeholder or personal pension you can shop around yourself, but it can be a good idea to get financial advice from a specialist before you buy. For information on any pension offered by your employer you need to speak to your HR department.
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