Approaching retirement

Are you approaching retirement? You have some important decisions to make.

Retirement is a whole new chapter of your life. As you approach this point, there will be some choices that you need to make.

You will need to decide whether to transfer your Retirement Account into Smart Pension (a workplace Master Trust pension scheme that the FuturePlanner Trustees have an arrangement with to enable a smooth transition into drawdown) or make your own arrangements with a provider of your own choice. Alternatively, you could ‘cash’ in your Retirement Account (with 75% taxed as earned income) or purchase an annuity with a provider of your choice.

There is free guidance available to you through Pension Wise, the government’s free guidance service to people approaching retirement. You may also want to discuss your options with an independent financial adviser. You can also search for a retirement adviser on the MoneyHelper website.

In this section, you can find information on the implications of approaching retirement for how you invest your money and the administration process you need to follow to put your pension into payment.