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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 at 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
- Will you find another job, perhaps part time? Think about how much you’ll need from your pension, to bridge the gap with any earnings
- 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
Step 3 – If you wish to proceed to retirement, find out if your employer offers a pre retirement course and register your interest
6 months before retirement date
- 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
- Set a date for a pre-retirement meeting with your employer
- 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.
- Budget for changes in your day-to-day spending after you retire
- If necessary obtain financial advice or independent guidance
- It’s not too late to get free and impartial guidance www.pensionwise.gov.uk