16th August 2022
Tips For A Healthy Pension As You Approach Retirement Part 2
Today we will be looking at the first 2 things you might want to consider as your retirement approaches ensuring you are prepared for when the day arrives that you go into retirement.
TRACK DOWN YOUR PENSIONS
There are several ways to locate a pension in the United Kingdom. The simplest option is to use the government’s Pension Tracing Service to help you find lost pensions – go to: https://www.gov.uk/find-pension-contact-details.
The most important thing is to keep accurate records and understand where your pension funds are invested. Update your records with your current contact information if you have changed jobs or addresses. This will help ensure that you receive any pension-related correspondence.
WHEN CAN YOU ACCESS YOUR PENSION/S?
You can currently access your UK pension at the age of 55. (this will be changing to age 57 in 2028 unless your pension plan has a protected lower pension age). However, this does not imply that you will automatically receive your pension at this age; it simply means that you can begin receiving benefits if you so desire. The exact amount and frequency with which you receive your pension payments will be determined by the rules of the specific scheme in which you participate.
There is no set retirement age for workplace or personal pensions, so it is determined by the rules of the individual scheme. Some schemes may require you to retire at a certain age, whereas others may allow you to work for as long as you want. When to take your pension is a personal decision that will be influenced by your unique circumstances.