Retirement planning checklist
Use our checklist and get on track for your pension planning
Here are some things you should consider before starting the retirement process.
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This is when you take your pension before your Normal Pension Age (NPA). It's reduced to reflect that it'll be in payment longer
This is where you take your benefits at your Normal Pension Age (your NPA varies depending on which scheme your benefits were built up in).
You have the option to access your pension benefits from age 55 without having to give up work completely.
If you’re over 55 and your employer decides to terminate your employment they may grant you Premature Retirement. The decision to grant Premature Retirement is down to your employer.
It's important to check your Benefit Statement on My Pension Online (MPO) to get an estimate of your current benefits and make sure everything is up to date.Your Benefit Statement is generated based on information from your employer, so it's also important to check your Employment History on MPO. If you think anything is missing or incorrect please speak to your employer at the time of service.Pension calculations are based on various factors such as your retirement age, your accrual and the lump sum you take. For more information on how benefits are calculated visit our calculating benefits page.
With MPO you can use the Scheme Personalised Calculator. This will give you a forecast of your pension benefits based on your data. If you’re affected by Transitional Protection, it’ll also give you an idea of what you’d receive under the final salary or career average scheme before you make your choice at retirement.
Log in to MPO
Whatever you're thinking about, it's important that by the time you come to retire you can afford the lifestyle you want.
Can you rely on the State Pension and any other savings you might have, such as your house or other pensions to support your needs and wants in retirements?
Your daily budget is also likely to change with some expenses increasing and others decreasing. You'll also need to think about those unexpected things that might impact your finances, such as poor health or long-term care.Planning ahead will help you ensure you have a back up plan if you need it, as well as ensuring your loved ones are taken care of.
It goes without saying that your pension isn’t just about you. It’s also about the people you love and care for.
Our Family Benefits guide provides information on the benefits your loved ones could be entitled to if something should happen to you.
Read our guide
You might be eligible for government benefits in addition to any State Pension you may receive, depending on your age and location.
You could also save money on things like healthcare and travel, which could impact your future income.
We understand that pensions can be daunting and people prefer to learn in different ways.
That's why we've a range of videos to help you understand the pension journey.
Visit our YouTube channel
Additional Pension can be purchased in multiples of £250 and can be paid through monthly contributions deducted directly from salary over a set period of time, or by a one-off lump sum.
You have the option to Buy Out the actuarial reduction that’ll be made to your benefits if you decide to retire before reaching your Normal Pension Age. This can only be done in the first six months of joining the Scheme.
Your contributions build up another pension that is separate to your teacher's pension.
Faster accrual gives you the opportunity to pay higher contributions to increase your pension for a particular scheme year (1 April to 31 March).
A financial advisor can help you:
Assess your current situation and goals
Compare different options
Understand the tax implications and risks involved
Maximise your income
Review and adjust your plan regularly.
Seeking independent advice can give you peace of mind and confidence that you're making the right decisions for your future.
If you need a financial advisor but are unsure who to contact then, the following organisation may be able to help you:
Financial Conduct Authority
Get clear, free, impartial help for all your money and pension choices:
Money Helper
