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Planning my retirement

2-5 years before retirement date
  • Read the ‘preparing for retirement checklist’ on  www.moneyadviceservice.org
  • Review your annual benefit statements. Find out what your LGPS pension will provide you in retirement
  • Make sure you really understand your LGPS options at retirement and when you will be eligible to receive it
  • Find out what basic state pension you’re entitled to www.gov.uk
  • Consider which costs you will still need to meet in retirement? Be realistic about expenses such as utility bills, internet costs, mobile phone charges, and holidays
  • Think about whether you’d like to take a regular income from your pension or whether you would prefer a pot of cash, including any tax free allowance, to do something different in retirement
  • If you’re 50 or over you can also access free and impartial guidance from www.pensionwise.gov.uk, this service is available on the internet, over the telephone or face-to-face
  • Plan what will happen to your pension and estate if you die including any tax implications
  • If necessary obtain financial advice or independent guidance
12 –18 months before intended retirement date

Step 1 – Request an estimate of your pension benefits from the Cheshire Pension Fund by completing the online form here

Step 2 – The Fund will provide estimated figures

3 months before retirement
  • Review your pension statements to get an accurate picture of your income in retirement
  • Find out what basic state pension you’re entitled to, and when you will be eligible to receive it www.gov.uk.
  • Determine the best option/s for taking your pension savings to meet your financial and lifestyle needs (i.e. regular payments or a lump sum)
  • Update your LGPS beneficiary information
  • Let the taxman know you’re retiring because your change of status will affect your tax code
  • Check whether you have any pensions you may have forgotten about? Visit www.gov.uk/find-lost-pension for more information.
  • If necessary obtain financial advice or independent guidance
  • It’s not too late to get free and impartial guidance www.pensionwise.gov.uk
  • Contact the Fund to request a retirement pack to enable you to complete the forms required to claim your deferred pension form your retirement date