Things to consider before accessing your pension pot

It’s worth sitting down comfortably to carefully consider your options and what you want from your retirement

  • Do you have more than one pension pot and have you got an idea of how much you have saved?

  • Are your pension savings enough to meet your retirement needs now and in the future?

  • Does your current pension provider offer you a Guaranteed Annuity Rate, a Guaranteed Minimum Pension, or any other valuable benefits? If they do, then it would be a good idea to look at these first to see what you would get.

  • Do you know how much state pension you may receive?
  • Have you thought about when you’d like to retire and what you’d like to spend more time doing?

  • Have you thought about what might happen as you get older and the help and support you might need?

It’s worth thinking about what level of certainty you’ll need around your regular income and what risk, if any, you're prepared to take with your money

See your options >

Your income in retirement will be taxable.  It may be sensible to consider taking an income evenly across your retirement. Lump sums may be liable to income tax at a higher rate.

Find out more about tax in retirement >

Inheritance tax >

How much pension do I need to retire at 55?

The amount you need in retirement depends on what kind of lifestyle you’d like during retirement. You can use our retirement income calculator to see how much your pension pot could get you at 55.

Retirement Income Calculator


When can I retire?

You can choose when you want to retire, from age 55, as the days of a set retirement age no longer exist, and more and more people are working longer and taking a gradual approach to retirement. It’s worth considering when you will receive your state pension or private pensions when making a decision. Take a look at our retirement checklist to help you decide when the best time to retire for you may be.

Next steps

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Need help?

Making decisions about how to finance your retirement is important so it’s worth shopping around and making use of the guidance and advice services available:

Retirement guidance

Pension wise

The Government’s impartial retirement guidance will help you avoid the risks and think about what’s right for you.

Speak with us

Our colleagues in Cardiff are always happy to help with your questions or to help you apply for a quote.

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