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Get ready to take your money

As you come up to retirement, get your paperwork in order, so you’re ready to take your pension when it suits you. With your selected retirement date only months away you should have a clear idea about how you want to take your pension.

Six months to go

We'll send you a pack of information, including a valuation of the pension savings you have with us. There'll also be a brochure from the Money Advice Service on the full range of options the law allows:
Your pension: it's time to choose .pdf

Then our brochure will explain how you can take your pension savings with B&CE:
Your options at retirement .pdf

Plus there’s a booklet from The Pensions Regulator on:
Avoiding pension scams .pdf

What to do next

Getting organised to take your money may take a while so give yourself plenty of time to get your paperwork in order. Here’s our checklist of things you’ll need.

Retirement paperwork checklist

Pension statements for all your pensions

Much of the information you’ll need to complete your pension claim form can be found on your pension statements. When you want to take your pension pot we will also ask you about any other pension savings you hold. So if you have other pension savings, you’ll need these statements to hand as well.

Pension valuation

It’s useful to have up to date valuations of all your pension savings and a State Pension forecast so you can see exactly how much money you will have when you retire. You can get valuations from your pension provider. You can get a State Pension forecast online.

Confirm the date you want to take your money

Although you can usually get access to your pension savings from age 55 (or 57 from 2028), most pensions have a selected retirement age. This is often the same as your State Pension age and it’s used to work out your pension valuation. If you take your money early, this can affect your pension valuation.

Check what type of pensions you have

Not all pensions are the same. Some pensions have special rules that may affect when you can take your money or might incur charges if you cash in early.

Read all the information about your options

Make sure you’ve read and understood the information sent by your pension providers. If you have any questions, give them a call. You can contact us about your pension savings on 0300 2000 555. Calls are recorded for training and monitoring purposes.

Book a Pension Wise guidance session

When you have all your pension details together, you’re ready to book a free Pension Wise guidance session.

How to claim your pension

Warning! Your pension pots are meant to provide an income for your retirement. It may be tempting to cash them in for other things, but you may be left only with the State Pension to live on and any other savings you have.

If you haven’t already received any guidance or advice from a financial adviser who specialises in retirement planning, we strongly recommend that you contact Pension Wise for free, impartial guidance about your options.

When you’ve made your decision, complete the claim form in your Online Account. Or, fill in and return the printed form we send you six weeks before your selected retirement date.

Next: Guidance from Pension Wise