Pensions Force

I'm planning ahead

Even if you've been saving for a few years you need to know what your financial position will be in retirement. By carrying out a financial health-check you'll learn if you need to re-assess your savings plan or seek more information. There are five easy steps which may help you with your planning.

Corner GraphicCorner GraphicCorner GraphicCorner Graphic

Step 1: Confirm where you expect your retirement income to come from

Income SourceAmount
A Pension from current employer/previous employer?
Personal Pensions?
A State Pension?
Income from savings and investments?
Income from an inheritance?

Step 2: Confirm how much you expect to receive from your employer or personal pension

Do you understand how much your pension will be and how to claim it? When will you start to receive payment? If you don't know, gather the facts or speak to those who can help you find the answers. The best place to start is the person who runs your pension arrangement.

Step 3: Find out if you've some pensions you've forgotten about

If you can't find the paperwork or you think the provider no longer exists, follow this link to the Pension Tracing Service. You can do this online or telephone: 0845 6002 537

Step 4: What do you know about your State pension?

Find out how much your State Pension is and use the State Pension Age Calculator to find out when you will receive it State Pension Age Calculator

Your State Pension may be a significant part of your income in retirement. Follow this link to the State Pension Forecast to find out more.

Step 5: Savings, investments and inheritances

If you intend to include savings, investments or an inheritance to finance your retirement work out the potential amounts involved and the likelihood of them being available at the time you plan to retire.

If you need independent financial advice to discuss your savings, contact an independent financial adviser at IFA Promotion Ltd, 90 St Vincent Street, Glasgow G2 FU or visit Again the person who runs your company pension scheme or set up your personal pension may be able to help.

Useful Tools

1. Visit the Money Advice Service website and try out their Budget Planner, the Debt Test,and the Pension Calculator
2. The Pensions Advisory Service website offers an Investment Choices Planner,and an Annuity Planner

Most questions you may have about your retirement can usually be answered.

Corner GraphicCorner GraphicCorner GraphicCorner Graphic

What do you need to find out about your retirement savings?

Corner GraphicCorner GraphicCorner GraphicCorner Graphic

Corner GraphicCorner GraphicCorner GraphicCorner Graphic

Does Retirement Guidance interest you?

>Retirement Guidance

Corner GraphicCorner GraphicCorner GraphicCorner Graphic

As an employer do you need to talk to your employees about saving in a workplace pension?

>Talking to your employees

Corner GraphicCorner GraphicCorner GraphicCorner Graphic