Planning for retirement

It is important to get the right information and advice about pensions as you plan for retirement.

Understanding pensions and how it all works can be quite a complicated process, so it’s important you understand how it all works by getting the right advice. There have been a lot of changes to pensions over the last few years designed to give you more freedom and choice over how and when you access your pension. 


Planning ahead

Many of us are living longer so the chances are you will be retired for a long time. It’s important to make sure you have enough income so you don't have to worry about how to pay your bills. If you are planning for retirement, it's a good idea to start by working out how much money you will have available and how much money you will need to pay your household bills and any extras like holidays.

Understanding your sources of income

Most people will have more than one source of income during retirement, including:

  • state pension
  • salary related pension
  • savings and investments
  • property
  • state benefits including pension credit 
  • paid work.

Savings and investments

Another way of making sure you have enough money when you retire is to look at savings and investments. There are numerous options and products to choose from and it can be difficult to know what to choose. If you are considering savings or investments, it's important to get financial advice. 


Where can I get further information and advice?

If you have already signed up to a pension scheme, your pension provider will provide you with information about your pension and how to access it. If you are planning for your retirement, it's important to get financial advice. 


Pension Wise is a free service offered by the Government to everyone over 55 who has a defined contribution pension arrangement. If you’d like to speak to someone about your pension options, you can book an appointment with a Pension Wise guidance specialist.

Pension Wise

The Pensions Advisory Service is a free and impartial service to help you with information, advice and any queries you may have about pension schemes.

The Pensions Advisory Service
Phone: 0300 123 1047

The Money Advice Service was set up by the government provides free and impartial money advice.

Money Advice Service
Address: The Money Advice Service, Holborn Centre, 120 Holborn, London, EC1N 2TD
Phone: 0800 138 7777

Citizens Advice provides free, confidential and impartial advice on a range of topics. 

Richmond Citizens Advice Bureau
Address: Citizens Advice Richmond, 5th Floor, Regal House, 70 London Road, Twickenham, TW1 3QS
Phone: 020 8712 7800

Age UK can provide information and advice to help you plan for retirement and better understand pensions and annuities.

Age UK Richmond
Address: Head Office: Suite 301, 3rd Floor, Parkway House, Sheen Lane, East Sheen, London SW14 8LS
Phone: 020 8878 3625
Fax: 020 8876 5387