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Help with timing your benefits to maximise your potential

Here at Pension Potential, we’re experts on the pension freedoms. We understand exactly how important timing can be and can help you plan to take your retirement benefits in the most efficient way.

Our EasyFacts pages cover all the pension freedoms: 

We look at what’s good and not so good about each of them, and how you could mix and match them. 

 

Ask for a free, no-obligation Pension Potential pack showing your personalised options for taking your pension savings.
Download your pack from the Pension Potential hub 
 

Timing is vital

Here are some reasons why

  • 1. Flexibility

    You no longer have to retire and take your benefits all at once. You can start to take some benefits while you carry on working, or take your benefits in stages. But you’ll need to watch out for the money purchase annual allowance.

  • 2. Affordability
    While you may have assumed you'd retire at 60 or 65, do you need more time to build up enough retirement savings?
    Read about how we helped Yousuf time his retirement benefits to save tax.
  • 3. State Pension

    Your State Pension age may not be the same as the age you plan to start taking other benefits. Check your State Pension age. Can you afford to retire before you can claim your State Pension?

  • 4. Debts
    Is your mortgage paid off? What about other debts? Having a plan to pay off debts could make a difference to when you can retire. Check out MoneyHelper’s guides to dealing with debt.
  • 5. Loved ones
    If you’re married or have a partner, what will they be doing when you retire? Do you need to check your timing so you retire together? What about other loved ones? Will you be spending more time with them, or taking on caring duties, for example? Does this affect your timing?
  • 6. Are you really ready?
    Are you ready for retirement, not just financially, but mentally and emotionally? What will your ‘purpose’ be when you’re no longer in work? How will you use the time you used to spend working? Age UK has a useful article to help you think about this.

Very important - is your retirement age up to date?

If you’re in an automatic ‘lifestyling’ investment arrangement – one that switches your pension savings to investments designed to protect their value as you get closer to your chosen retirement age – you must tell your pension provider if you decide to change your retirement age. If you don’t update your retirement age, your pension savings might not be invested in the right way to maximise your retirement income.

But first... a warning

Has someone made you an ‘unmissable’ offer and is now pushing you to sign up to it by a deadline? Scam bells should be ringing loud and clear. Keep pension scammers away from your life savings with the help of ScamSmart.

Visit ScamSmart

We can help you maximise your potential

Pension Potential offers expert guidance and lots of support to help you understand more about your retirement options.

We don’t offer financial advice through Pension Potential. But, if you decide you need financial advice, we can refer you to our expert financial planners who offer this service.

Guidance

Guidance is intended to help you understand your retirement options. It won’t make specific recommendations or tell you what you should do.

  • Personal insight gives you a personalised overview of the options available to you, but won’t recommend which option would be best for you.
  • Tailored insight enables you to use our annuity finder to search the market and buy an annuity. Any fees will be paid by commission from the annuity provider.
  • Expert insight offers the option of talking to an expert who will give you help and guidance, but won’t be able to recommend specific options unless you decide to take, and pay for, financial advice. They can discuss this with you.

Financial advice

Financial advice is a regulated professional service that will take your situation into account and make recommendations for options and products.

You may need financial advice if you’re interested in more complicated retirement options such as flexible income (drawdown), or mixing two or more retirement options.

You’ll need to pay for financial advice. We offer financial advice from highly-qualified chartered financial planners, with competitive charges.

Download our financial planning guide

 

We’ll always tell you in advance if there’s a charge for any guidance or advice you take from us.

Are you ready to maximise your pension potential?

  • Personal insight

    Go to our Pension Potential hub to get a free retirement pack with personal insights just for you.
    Find out more about us
  • Tailored insight

    If guaranteed income (annuity) appeals to you, use the Pension Potential annuity finder to shop around for your own tailored annuity.
    Go to the Pension Potential hub to access our annuity finder
  • Expert insight

    Once you’ve looked into your options, ask for a call with one of our friendly retirement experts.
    Book your call on the Pension Potential hub 
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