How to prepare for your Selected Retirement Date

Husband and wife sitting together on a living room sofa State pension top up

Pensions

MoneyPlus Features Team

28th October 2015 at 2:30pm

First things first – what is your selected retirement date?

Put simply, it’s the age you expect to retire at. When your pension policy was first opened you’ll have selected a date, it’s often set on your 60th or 65th birthday – but don’t worry it’s not set in stone and you can change it to any age so long as it’s after your 55th birthday.

If you don’t know your selected retirement date it’s a good idea to contact your provider to find out.

Ten top tips for preparing for your retirement date

If you’re reaching that date, it’s important to make sure you’re fully prepared and all your information is up-to-date so you can enjoy a smooth transition into retirement.

Here’s a quick checklist of things to do in the run up to your retirement date:

  1. Check your selected retirement date – you can change this
  2. Review your investments and make sure you’re comfortable with where you’re invested
  3. Check the value of your investments
  4. Get up to speed with tax
  5. Find out how to claim your state pension
  6. Find out if your existing pension(s) include any valuable features or special guarantees
  7. Consider transferring your pensions to one pot
  8. Make sure you really understand your options at retirement
  9. Start planning how you’d like your retirement income to be paid
  10. Manage your plan online and stay close to your plan. 

How do I change my selected retirement income?

If you don’t want to take your benefits at your original retirement age and you’re over 55, you can contact your pension provider and change it to a later one. This is called ‘deferring your pension’.

Check your terms and conditions

Before you decide to defer, check first if your pension has any guarantees because you could lose them if you don’t take a retirement income before age 75. If your contract makes leaving your savings after age 75 a problem then it might be time to consider transferring to a more flexible pension.

What if I miss my retirement date?

If you reach your selected retirement date and haven’t contacted your pension provider about taking benefits, some providers will automatically move you on to a new retirement date. Others may automatically stop your policy so it’s a good idea to stay close to your plan. If you’re not sure about your options, contact you pension provider to find out more. And if you’re not already setup online you should register today and make sure all of your details are accurate.

If you have a pension with us you can login to see your selected retirement date and update your information too. Remember the more information you give us, the better the service we can offer you.

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The information in this blog or any response to comments should not be regarded as financial advice. A personal pension is an investment and its value can go up or down and may be worth less than you paid in. Laws and tax rules may change in the future. The information here is based on our understanding in October 2015. Your personal circumstances also have an impact on tax treatment.

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