Approaching retirement

If you're age 55 or over, it's time to start thinking about what you're going to do with the money you've been working hard to save all these years.

When looking at your retirement options you need to think about how you will provide an income for the rest of your life and the tax implications of any choice you make. You should consider, for example, your current health and lifestyle, and whether you need to make provision for family members.

It’s also important you consider the terms and conditions of your plan.

You can retire earlier than age 55 if you are in ill health or have a protected retirement age.* The minimum retirement age will increase to age 57 from 6th April 2028 (but you will be able to retire earlier than that if you are in ill health or have a protected retirement age*).

*This may apply if you were employed in certain (special or hazardous) occupations or were a member of an occupational pension scheme which gives you the right to take pension benefits earlier.

Please refer to your policy/scheme documentation or contact us if you are unsure.

Do you have an illness that may shorten your life expectancy or impact your ability to work?

There may be other options open to you if your life expectancy is less than 12 months or if you’ve a health condition that means you’re no longer able to continue working. Please call us if this applies to you so we are aware of your circumstances, can check whether you qualify and then tailor your options appropriately to meet your needs.