Guidance with

Planning for Retirement

Retirement

When planning for your own retirement you will have different things to consider, depending on your current situation. How you make your plan will be unique to you.

Tips for Retirement

You should start thinking about your retirement plan a few years before you intend to actually retire. Below are a few tips to consider:

  1. Get a forecast of your state pension from the direct gov website
  2. Contact any private pension companies and get up to date statements
  3. Do a budget and try and work out how much you will need to live on (click here for budgeting factsheet)
  4. Try and increase any savings or contact a financial adviser
  5. Consider making a will if you have not already done so,for more information visit Willaid 
  6. Pay off any debts

Depending on the amount of state pension you receive you may be eligible to have it 'topped up' with a benefit called Pension Credit.  Read the benefits and state pension advice pages as required.

When do you receive your pension?

Your pension is not paid to you automatically. Four months before your state pension age you will receive an information pack telling you how to claim it. If you haven't received the pack three months before your pension age call 0800 731 7898.

If you have had more than one job throughout your life you may have more than one pension.

You can use the free pension tracing service to see if this is the case.

If you worked in racing before 2001 you may have paid into a pension that is now managed by Bluefin. The only way to contact them is in writing.

If you worked in racing after 2001 you may have paid into a pension held by Friends Provident. 

Contact us if you need more information on 0800 6300 443.


If you live in accommodation that comes with your job you may have to move once you have retired. If you can't afford to rent or buy privately then you can register with your local council.  Click here for details.

At this time you can also contact your local council to register for a free bus pass.

Age UK has an informative step by step guide on everything that you need to think about.

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