Things to consider before accessing your pension pot

Do you want the security of a guaranteed income for life? Or is flexibility more important to you? Make sure you carefully consider your options and know what you want from your retirement.

  • Do you have more than one pension pot and have you got an idea of how much you have saved?

  • Are your pension savings enough to meet your retirement needs now and in the future?

  • Does your current pension provider offer you a Guaranteed Annuity Rate, a Guaranteed Minimum Pension, or any other valuable benefits? If they do, then it would be a good idea to look at these first to see what you would get.

  • Do you know how much state pension you may receive?
  • Have you thought about when you’d like to retire and what you’d like to spend more time doing?

  • Have you thought about what might happen as you get older and the help and support you might need?

Find out more about funding the cost of care

It’s worth thinking about what level of certainty you’ll need around your regular income and what risk, if any, you're prepared to take with your money

Find out more about your retirement income options

Your retirement income will be taxable.  It may be sensible to consider taking an income evenly across your retirement. Lump sums may be liable to income tax at a higher rate.

Find out more about tax in retirement

Inheritance tax


Make the most of your money and your retirement by listening to our Rewirement podcast with Shirley Ballas


Common questions

Next steps

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Need help?

Making decisions about how to finance your retirement is important so it’s worth shopping around and making use of the guidance and advice services available:

Retirement guidance

Pension wise

The Government’s impartial retirement guidance will help you avoid the risks and think about what’s right for you.

Speak with us

Our colleagues in Cardiff are always happy to help with your questions or to help you apply for a quote.

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