Getting ready for retirement webinar - Autumn 2023

'Getting ready for retirement' presentation transcript

To be used in conjunction with the ‘Getting ready for retirement’ presentation D100127- 08/23 - DC002233

Slide 1. Getting ready for retirement

Hello, my name's Colin Wildman and I’m a Member Communications Consultant with Legal & General and I’m joined today by my colleague Charlotte Anthony.

Today’s webinar is called 'Getting ready for retirement' and we’re going to be looking at some of the things you might want to be thinking about as you approach retirement, as well as some of the tools and apps that are available to you to help with your retirement planning.

We’ll also signpost a number of different organisations who can help you and the slides will contain links and QR codes to take you to the various websites.

Today’s presentation will last around 35 minutes.

• Due to the number of attendees today, we’re unable to answer any questions. However, we’ve created a Frequently Asked Questions website, where we’ve posted answers to many of the questions that come up most often in presentations similar to this one, which you can find at legalandgeneral.com/pensionquestions
• Please note that today’s presentation is being recorded and will be available on demand on the BrightTalk platform afterwards. To watch on demand simply use the same link that you used to join today’s event.

Slide 2. Important information

• This is a general education presentation and does not represent financial advice
• It’s based on the 2023/2024 tax year
• The value of your investment will go up and down. It isn’t guaranteed, so you may get back less than you put in
• The law, tax rates and any allowances may change in the future

Over the last few years, we've seen uncertainty in financial markets caused by caused by the COVID-19 pandemic, invasion of Ukraine and the rising costs of goods and services. To support you we’ve created a dedicated 'Managing your savings in uncertain times' response hub.

Slide 3. Agenda

In today’s session we will be covering these key areas:

1. Getting started with retirement planning
2. Taking money from your pension
3. Guidance and advice
4. Other important considerations
5. Summary of what’s been covered

 Slide 4. Getting started

Getting started with any new task can often be the most challenging part. 

So, with that in mind, today’s session will focus on some of the things you can do to help you get started, if you haven’t already 

And, for those of you who’ve already made a start, hopefully today will provide you with some new ideas to help you with your retirement planning.  

Slide 5. What will your retirement look like?

Picturing your future lifestyle is a good place to start.  

To try and make this a little easier, we’ve broken this down into 3 broad categories, which, hopefully, will help you to identify the steps that you have or haven’t already completed.  

1. Winding down 

Are you intending to stop working altogether or would you prefer to simply work fewer hours?  

This may well be determined by how much you have in your retirement savings pot and how much money you’ll need once you start to wind down. 

It’s estimated that around 1.5 million British people work beyond State Pension age. Some keep working because they need the money, others because they enjoy what they do and don’t want to stop. 

2. Spending your time in retirement

How do you plan to spend your time?  

It’s important to think about your lifestyle, not just your finances. If you’re a social person, connecting with others might be important to you. 

Think about how your needs might change over time. It’s possible you’ll be more active in the 10 years immediately after retirement but might start to slow down after that. Planning for this now will help you to make decisions that consider your whole retirement and not just the early years. 

3. Your personal and financial responsibilities

You’ll want to take care of your needs and those of family members. 

Start thinking about where you might live, your caring responsibilities and any debts that you’re solely or jointly responsible for. 

There’s a lot to think about.  

But, if you’re looking for some inspiration to get you started, our 'Rewirement' podcasts feature information from experts and real-life questions from other retirement savers.  

Slide 6. Your money in retirement

In broad terms, your income in retirement is likely to fall into two different categories. Pension-related income and income from other sources.  

Let’s start with pension-related income. 

The government provides a State Pension, which we’ll look at in more detail on our next slide. Your State Pension is not affected by your Legal & General pension.  

Your Legal & General pension is a Defined Contribution (DC) pension. It can provide you with money in retirement. How much you have at retirement will depend on things like, how much has been paid in, how the investments have performed and how much has been deducted in charges. The way you decide to take your money at retirement will also have an impact.  

You might have other pensions, including personal pensions and pensions from other employers.  

When it comes to income from other sources, this will depend on your individual circumstances.  

You may intend - or need - to carry on working in retirement, either full-time or part-time, to provide an income. You may have other savings or investments. You may (depending on your circumstances) qualify for state benefits, such as Pension Credit, which can provide additional financial support in retirement if you’re on a low income.  

One in three people who are entitled to it, don’t claim this benefit, which could be worth up to £3,300 a year. So, it might be worth checking if you’ll qualify using the government’s Pension Credit CalculatorOpens in new tab, which you can access by scanning the QR code.  

If you own your own home this could also provide you with extra income or lump sums when you need them. 

Slide 7. How much State Pension will you get?

For the 2023/2024 tax year, the full State Pension is £203.85 per week or approximately £10,600 per year.  

To receive a full State Pension, you need 35 years’ qualifying National Insurance (NI) contributions.   

You must have at least 10 qualifying years of NI contributions to receive any State Pension entitlement.   

As well as paying contributions while working, you can also ‘earn’ qualifying years by receiving NI credits if you’re unemployed, ill, parenting or a carer.   

If you have gaps in your record, making additional voluntary National Insurance (NI) contributions may help you to get enough qualifying years to get the full State Pension.  

You can check your State Pension forecast. Go to the gov.uk website to see what you will receive and when.

The QR code will take you directly to the gov.uk website if you want to scan it with your mobile phone or go to Gov.uk/check-state-pensionOpens in new tab.

Slide 8. Tax limits on pension savings

If you’re thinking of changing the amount you contribute, you should bear in mind that there is a limit on how much you can pay before incurring a tax charge. 

You can potentially pay in the equivalent of your entire annual salary each year (or up to £3,600 if you earn less than that) and get tax relief on your contributions. However, you should be aware of the Annual Allowance. 

This amount has been set by the government at £60,000 for the 2023/24 tax year and includes any money that you or an employer pays in on your behalf, to this or any other pension plans you may have. If these contributions exceed the Annual Allowance in the current tax year, you may have to pay tax on the excess amount. If you earn more than £200,000 a year, your annual allowance could be reduced to as little as £10,000 a year. This is known as the Tapered Annual Allowance.

If you’ve already started taking your retirement savings, your annual allowance could also be reduced down to £10,000 a year. This is called the Money Purchase Annual Allowance. 

The Lifetime Allowance is the maximum amount of pension savings you can build up over your working life and still receive the full tax benefits. In recent years it has been frozen at £1,073,100. The Government has announced that it intends to remove the lifetime allowance completely from April 2024. In the meantime, the lifetime allowance excess charge will not apply if any benefits you take exceed this allowance during the 2023/2024 tax year. Any excess will instead be taxed at your marginal rate of income tax.

These allowances may change. Our Tax Year Rates and Allowances booklet will keep you up to date on any changes. More detailed information on these allowances is also available on the HMRC website at Gov.uk, which you can access via the QR code. 

If you need help with tax and your pension savings, you may want to seek personalised financial advice. To find an adviser in your local area go to unbiased.co.uk. Advisers normally charge for their services. You can also find out more about choosing a financial adviser on the MoneyHelper website. You can access both of these websites via the QR codes.                              

Slide 9. Go&Live

Our financial wellbeing hub, Go&Live, offers information and support on a wide range of topics from retirement planning to looking after your mental wellbeing.  You can access our ‘Rewirement’ podcasts. Hosted by Angelica Bell, these podcasts bring experts and retirement savers together to share their experiences and discuss a wide range of pension-saving topics. 

You can access these podcasts from the homepage of our Go&Live hub, by scanning the QR code or by going to legalandgeneral.com/fw. 

If it’s available to members of your scheme, you’ll also be able to access our free telephone-based Care Concierge service, which can help you to identify the options available and the things to be aware of when it comes to arranging care for yourself or a family member.

If this service is available to your scheme, you can find out more by going to our dedicated webpage at care.legalandgeneral.com/workplace/Opens in new tab, which you can also access by scanning the QR code.

Slide 10. Managing your pension

You can manage your retirement savings with Legal & General using your online account at Manage Your Account. 

You may also be able to access Manage your Account via single sign on without the need to enter a password. 

You can also access your online account by scanning the QR code or by going to legalandgeneral.com/mya. 

Once logged in to your account, you’ll be able to 

• see the value of your pension pot 
• access our planning tools 
• provide details of who you’d like your pension benefits to go to in the event of your death (nomination of beneficiary) 
• see how your savings are invested, look at the other investment choices available to you and, should you wish to, change the way you’re invested 
• view your benefit statements 
• change your selected retirement date 

Slide 11. Taking money from your pension

As a member of a workplace pension, you have the flexibility to choose how you take your money at retirement.  We’ll look at these options in a bit more detail shortly but, before we start, lets watch a short video for some important pointers on this topic.

<Play Retirement options explained video>

Transcript:

You’ve sown the seeds, tended to your investment and watched your pension grow, soon it’ll be time to reap the rewards of all that hard work. But have you been so busy paying in that you’ve given little thought as to what you’ll do with it?

Well, depending on your circumstances there are a few options.

First, it’s worth remembering that you’re entitled to withdraw 25% of your pension pot tax-free.

The remaining 75% can be used to set up a guaranteed income, a flexible income or taken as cash lump sums. This will be subject to income tax. How much will depend on how you decide to take your pot and what your tax situation is at the time. It’s important to consider what you’d like to do with the remainder of your pension in the short term, when you’ve just retired and plan so that you have enough to enjoy your later years.

If you’re ready to take your pension now you have four options:

Purchase an annuity, draw a flexible income, take cash lump sums, or leave your money to grow.

If you’re looking for security then taking out an Annuity would provide a regular guaranteed income for a fixed number of years, or for the rest of your life.

You don’t have to take an annuity with your current pension provider. Different providers will offer different rates. It’s important to shop around to find the best rate available.

If you have certain health and lifestyle conditions, you could even get a higher guaranteed income. But it’s worth noting that once you've bought an Annuity you can't usually change your mind, if your circumstances change.

Prefer some room to manoeuvre? A flexible Income allows you to you keep your pension pot invested and withdraw regular or occasional lump sums.

You can choose the amount of income you take but there is a risk that your money may run out if you withdraw too much. Or you can withdraw Cash Lump Sums, this could suit you if you don’t need regular cash or just want some money for a special occasion.

Based on your personal circumstances the cash could be subject to income tax.

You can also leave it to grow... Or take a mix of options.

It’s important to consider whether you’d like to carry on adding to your pension pot.

Depending on how you decide to take your pension, you may be limited in how much you can continue to save.

You don’t have to choose one option or provider. You can shop around to find the right product and the best income possible.

We hope you feel ready to start your retirement journey, if you have any questions then please get in touch.

Slide 12. How can you take your money?

You can access your retirement savings from age 55 (unless you’re ill and unable to work again, in which case it may be possible to access them earlier).

Note that the minimum retirement age will increase to age 57 in the year 2028, so for some of you this may be slightly later.

The first 25% of your pension pot can be taken as a tax-free cash lump sum. The remaining 75%, however you choose to take it, will be taxed as earned income. The amount of tax you actually pay will depend on your earnings. 

It’s worth pointing out that for members of some trust schemes not all of the options may be available to you directly within the scheme, as a result, you may have to transfer some or all of your retirement savings to be able to take your money in the way you choose.  

Where this is the case, you may have the option to transfer your savings to the Legal & General Mastertrust Pension Access Scheme. You can also transfer your savings in this scheme to another provider, should you prefer if this is applicable.

You don’t just have to choose one option or one provider. You can choose different options for each pension pot you have. You can transfer all or some of your pension pot to another provider and have your benefits paid by them. However, you may lose your entitlement to any benefits that were protected, such as the ability to combine your defined benefit and defined contributions pots, the ability to access your pot before 55 or a tax-free cash sum greater than 25% of your pot. Please check this before transferring.

We’re going to look at these options in more detail but if you want to explore this further, you can find out more on our ‘Learn about accessing your pension pot’ webpage, which you can access by scanning the QR code.

Slide 13. Annuity: Things to consider

An annuity provides you with a regular, guaranteed income either for life or for a fixed period. Normally, when buying an annuity, you’d take up to 25% as a tax-free cash lump sum and use some or all of the remainder to purchase your guaranteed income. 

However, as shown on the slide, there are a number of things to consider. 

This option might be suitable if you want the certainty of a guaranteed income for both yourself and/or your dependants. It’s also worth being aware that smokers and those in poor health might qualify for an enhanced annuity rate, which basically means you’ll receive a higher guaranteed income for the same cost.  

It’s important to be aware that if you decide to purchase an annuity, you can’t change your mind afterwards.  

You should also be aware that the income you receive could be taxable. This means that you may have to pay tax on the income provided by your annuity, if your total income from all sources is more than the personal allowance, which is £12,570 in the 2023/24 tax year.  

There's also the possibility that, depending on how long you live, you might get less back than the purchase price of your annuity.  

Slide 14. Cash: Things to consider

You have more than one option when it comes to taking your money as cash. However, before making your decision there are a few things to consider, particularly when it comes to the amount of tax you might have to pay. 

Taking it all in one go  

You can take all your pension pot as a single cash lump sum. 25% of this amount will normally be tax free but the rest will be treated as taxable income. This means that, if you take your savings in this way, you could end up paying more in tax compared to some of the other options available to you, particularly if doing it this way takes you into a higher Income Tax bracket. 

You should also start to think about what you intend to do with this money and how long you need it to last.  

It’s important to remember that, if it isn’t reinvested, your money won’t have the opportunity to grow and over time inflation will reduce what you can afford to buy with it. 

You don't need to have stopped working to take this option, but you might want to give some thought to where your money will come from when you do stop working. 

Taking it as a number of smaller lump sums 

Should you wish to, you can leave your pension pot invested and withdraw your money as a series of smaller cash amounts.  

The money that remains in your pot has the chance to grow but it could also go down in value.  

Each time you withdraw a lump sum, the first 25% of that amount will be tax free with the rest being treated as taxable income. 

Taking you money in this way enables you to spread your lump sum amounts over more than one tax year and, as a result, could help to reduce the amount of Income Tax you have to pay on any withdrawal. 

Slide 15. Drawdown: Things to consider

Also known as Flexi-access drawdown, this option allows you to take up to 25% of your pension pot as a tax-free cash lump sum while leaving the rest invested to provide a regular income, and occasional lump sums if required, which will be taxed as earned income.  

It allows you the flexibility to vary, stop or suspend the amount you receive.   

Although this option may provide greater flexibility, there are still a number of other factors to take into account before deciding to take your savings in this way. 

You’ll need to think about how long you may need your money to last, when deciding how much money to take and how frequently. You may need to consider taking financial advice.  

The money that remains invested has the chance to grow but it could go down in value too.  

The value of your pension pot isn’t guaranteed and, if you take out too much or your investment funds don’t perform as well as you’d expected, you could run out of money before you die. 

Slide 16. Tax on retirement income

Working out how much tax you’ll pay on your retirement income is an important part of your retirement planning.  

You can do this yourself by following the steps outlined on the slide. 

1. Take your State Pension
2. Add income from your other pension(s) as well as any other sources, such as investments, to give you your ‘Total income’
3. Take away your ‘Personal Allowance’ (this is £12,570 in 2023/24)
4. This will leave you with your ‘Taxable income’ for the year. 
5. Deduct Income Tax at the appropriate rate (this is a percentage of your earnings based on your income in the current tax year).
6. This will leave you with your ‘Income after tax’, in other words the amount of money you’ll have left to live on in that tax year.

Slide 17. Tools to help you plan

Our retirement planning tool can help you to see if your retirement savings are on track.  

You can access this tool from your scheme microsite or by going into your online account. 

However, if you access it via your online account, the tool will do some of the work for you by automatically populating some of the fields, including the value of your savings, the amount you contribute, and where your savings are invested. 

You can select from a choice of different ‘Retirement living standards’ to help you identify how much money you might need to support a particular lifestyle in retirement. You can also use the tool to see how saving different amounts over different periods of time might impact the size of your pension pot.  

You can also add the value of your savings in any other Defined Contribution (DC) plans. 

This will help you to consider further which retirement income option might be right for you.  

We recommend you use the tool at least once a year to monitor if your savings are on track to meet your needs. 

The tool has a number of risk warnings and assumptions and it’s important that read and understand them. It’s also important to be aware that, using the tool does not replace the need for you to seek guidance and financial advice. 

Slide 18. Guidance and advice

The good news, when it comes to planning for retirement, is that there’s a lot of guidance and advice available.

It can, however, get a little confusing or overwhelming. So, with that in mind, let’s take a look at some of the help and support that’s available to you in a little more detail.

Slide 19. Make your appointment with Pension Wise 

Regardless of the size of your pension pot, if you have a Defined Contribution (DC) pension and you’re aged 50 or over, you’re entitled to free specialist guidance from Pension Wise, part of the government’s MoneyHelper service. 

This guidance can help you to understand how each of the options we just looked at works. It will explain how each option is taxed and help you to identify your next steps. It will also provide information on how to avoid pension scams. 

Your 60-minute appointment can be carried out over the phone or face to face. You can book your free appointment by calling 0800 138 3944 or by completing the online booking form, which you can access on the Pension Wise website by scanning the QR code. 

Please note that you’re only allowed one free Pension Wise appointment. 

Slide 20. Advice and guidance

It's important to get the support you need to help you make decisions about your retirement plans.  

Money Helper is the name for the government body that brings together Pension Wise, The Money Advice Service and the Pensions Advisory Service. 

The MoneyHelperOpens in new tab website has information about the costs and what you should expect if you decide to pay for financial advice. It’s a good place to start. 

Pension WiseOpens in new tab is a free and impartial service that can help you to understand the ways you can take your retirement savings and the potential tax implications of each one. Their website offers lots of information and, if you’re aged 50 or over, you can book a free 60-minute appointment with a specialist who’ll provide you with guidance either face to face or over the phone. 

The government also has a mid-life MOT website that provides guidance aimed at people aged 45 to 65 to help them think about their work, health and money with future planning in mind.  

If you need personalised financial advice, visit unbiased.co.ukOpens in new tab to find financial adviser in your local area. Please note that advisers normally charge for their services. 

You can access these websites by scanning the QR codes on the screen.         

Slide 21. LGFA: Legal & General Financial Advice

You may also have access to Legal & General Financial Advice (LGFA) through your Legal & General workplace pension.

If you’re resident in the UK, have a Legal & General workplace pension with a pension pot of £20,000 or more, and are at or approaching retirement age, our financial advisers can help you understand:

• the type of pensions you’ve paid into, including the State Pension, as well as any other Defined Contribution (DC) or Defined Benefit (DB) pensions
• which allowances you can take advantage of
• the tax implications for accessing your pension
• the ways you can access your savings
• how to invest your savings in a way that reflects your plans

We may also be able to help if you have more than £10,000 in your pension pot and are considering taking your benefits early due to ill health.

To find out more about the service and related costs go to the Legal & General Financial Advice website, which you can access by scanning the QR code or by going to legalandgeneral.com/workplace/lgfa.

Slide 22. Other important considerations

It’s not just about getting started with your planning or how you intend to take your retirement savings. 

There are a number of other things that you might also want to start thinking about, which we’ll take a look at now. 

Slide 23. Things you should be thinking about

It’s important, particularly as you approach retirement, to ensure that your pension savings are invested in a way that reflects the way you want to take your money and when.  

If you haven't done so already, you should ask yourself a couple of key questions. 

1. When do you intend to access your savings?

Is your selected retirement date correct? Unless you’ve changed it yourself, this will have been set automatically to the default selected retirement date for your scheme.  If you’re unsure what your selected retirement date is, you can check it in your online account.

It’s important that you review it on an annual basis, or if your circumstances change, to consider whether you still intend - or can afford - to take your money at the date which has been set.  

If your selected retirement date no longer reflects your circumstances or your plans, you may want to consider changing it. This is particularly relevant if you’re invested in a lifestyle profile or a Target Date Fund that moves your savings into different funds or asset classes, as you get closer to your selected retirement date.  

You can do this in your online account. 

2. How do you plan to take your money?

You have a range of options when it comes to taking money from your pension pot.  

Knowing how you intend to take your money can help you to choose investments that not only reflect your intentions but also the level of investment risk that you’re willing to accept. 

All investments carry a degree of risk and it’s important that you understand, and are comfortable with, the risks you're taking before making any investment choices.  

You can find out more about investment risk in our ‘guide to risk and reward’, which you’ll be able to access by visiting your scheme website or by going to your online account. 

You can access your online account by scanning the QR code 

Slide 24. Take stock of all your other pensions

You might have other pensions, including personal pensions and pensions from other employers.  

If you do nothing else, it’s a good idea to let any previous pension providers know if you have – or are about to – change address.  

£19.4 billion of retirement savings remain unclaimed because people moved house and didn’t inform their previous provider! 

There are lots of reasons why you might want to transfer an old pension to a different provider. You may want to make it easier to manage your retirement savings (by having them all in one place) but it could also be about reducing your charges or improving your investment choices or the options that are available when you want to take your money.   

When it comes to deciding whether transferring your retirement savings is right for you, there’s a lot to think about.  

You might want to start by comparing the charges and available options, to see whether a transfer would be beneficial. You should also check if there are any penalties for transferring out or whether you would lose any guarantees or special features.   

You should also find out if you’re required to seek financial advice, as some schemes (depending on the value of your pot) may require you get a recommendation from a financial adviser. And, even if you aren’t required to do so, you may still want to seek financial advice.  

To find an adviser in your local area go to unbiased.co.uk, which you can access by scanning the QR code. Advisers normally charge for their services. 

Please note, as we outlined at the outset, we’re only providing information in our presentation today. We aren’t able to provide financial advice and, as such, we aren’t recommending that a transfer is the right thing for you.   

You can request a transfer pack or access our pension tracing and consolidation service, My Future Now, in your online account by scanning the QR code. 

Slide 25. Frequently asked questions

What will happen to my pension in the event of my death?  

Should you die before taking any benefits, the value of your pension pot will be paid to your beneficiaries. 

The decision as to who will receive any money, will be at the discretion of Legal and General or your scheme’s trustees, depending on the type of scheme you are in. 

You can, however, let us know who you would want your beneficiaries to be, and you can do this by completing the Nominate a beneficiary section in your online account. 

It’s important to keep this information up to date if your circumstances change. 

What will happen if I die after I have started taking my savings? 

If you die after you’ve started taking your savings, what your beneficiaries might receive will depend on the way you chose to take your money.  

If you purchased an annuity with your pension pot, your dependants will only receive something if you chose an annuity that included the option to continue paying them after your death. 

If you opted to take all of your pension pot as cash, all your benefits from the scheme have already been paid to you and there will be nothing for your beneficiaries to receive. If you opted to take your cash as a series of lump sums and didn’t take all of your savings, then any money that remains in your pot will be paid to your beneficiaries at the discretion of Legal & General or the scheme trustees. 

If you chose to leave some or all of your retirement savings invested and access them via regular or occasional withdrawals (drawdown) your beneficiaries may be entitled to the value of the savings that you have left in the scheme (or the scheme you transferred your savings to so that you could take your benefit in this way). They may also have a choice as to how they take the money. 

Although it’s a subject that most of us might prefer not to think about, it’s important to understand how the way in which you choose to take your savings might impact your beneficiaries in the event of your death. 

What will happen if I move abroad? 

Should you decide to live outside the UK, you can choose to transfer your savings to a Qualifying Recognised Overseas Pension Scheme (QROPS).  

You can find out more about this type of scheme and the things you need to consider at gov.uk.  

If you’re thinking of drawing a pension from the UK while living abroad, it’s important to be aware of the tax implications. You can find out more on the MoneyHelper website. 

What will happen if I leave my employer? 

Even if you no longer work for your current employer, you can leave your retirement savings in this scheme invested with Legal & General and, depending on your scheme, continue to pay in. Charges for administering your plan and managing your investments will still apply.  

Alternatively, you can transfer your savings to your new employer’s pension scheme or to another scheme of your choice.  

Once your employer has paid the final pension contribution into your plan, we’ll send you a pack that explains your options in more detail. 

We recognise, however, that those are only a few of the questions that pension scheme members are likely to have.

Because we're unable to take individual questions today, we’ve created a dedicated webpage where you can find answers to questions on a range of pension-related topics, such as investing your savings, approaching retirement and combining your pensions.

You’ll also find links to many of the organisations and resources that we’ve spoken about today.

To find our more go to legalandgeneral.com/pensionquestions

Slide 26. Helping you take the next step.

To help you with your retirement planning, we’ve created 2 Open University courses, both of which are free and take around 4 hours to complete.  

The Midlife MOT is aimed at people in their 40s and 50s who want some help when it comes focusing on their own financial and physical wellbeing.  

Completing this course will help you to assess your financial situation, understand how you can improve it and identify how much income you’ll need in retirement. It will also help you to look at your work life and assess your wellbeing. 

Retirement planning made easy sets out the stepping stones to a more financially secure retirement.  

Completing this course should provide you with a better understanding of your finances in retirement, the different ways you can take an income from your retirement savings and the impact that lifetime events can have on your retirement finances. You can access both of these courses via your scheme website or by scanning the QR codes. 

Slide 27. Retirement planning summary

We’ve covered a lot of ground today.  

Let’s reflect on what we’ve looked at today and think about the steps you could take to firm up your plans for retirement. 

Slide 28. Reminders

Start taking stock 

Think about where your income in retirement might come from and start thinking about how much you might need. 

Create your retirement plan 

You’ll find information about your plan and lots of helpful tools in your online account and on your scheme website.  

Our free Open University courses could also help. 

Speak to Pension Wise 

Find out about the different ways you can take your money and work out what’s right for your individual circumstances. 

Don’t forget about tax 

Think about the tax you’ll pay when taking your money. And don’t forget about the tax benefits of pension saving. 

Seek financial advice 

You might want to speak to a professional adviser, before finalising your retirement plans. 

Make it happen 

When you’ve done your research, get in touch with us and put your retirement plan into action 

Slide 29. Thank you

If you have any questions that are specific to your own Legal & General workplace pension, please call the Legal & General helpline on 0345 070 8686.

For any general questions about pensions, we’ve set up a dedicated page, which you can find at legalandgeneral.com/pensionquestions.

You’ll also find links to some of the external resources that can provide additional financial wellbeing support.

It can also be accessed directly via the QR code below.  It contains answers to frequently asked questions, links to the tools and resources highlighted today and sources of guidance and advice.

You can access your online account by going to Manage Your Account at legalandgeneral.com/mya or by scanning the QR code in the transcript.

So, it just remains for us to thank everyone for attending our event today.  We hope you have found it useful and hope to see you at a future event.  Feedback can be provided directly via the BrightTALK system.  Any comments will help us improve future events.

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For WorkSave Pension Plan (WPP)

Legal & General (Portfolio Management Services) Limited.

Registered in England and Wales No. 2457525. Registered office: One Coleman Street, London EC2R 5AA.

We are authorised and regulated by the Financial Conduct Authority.

For Group Stakeholder Pension (GSHP), WorkSave Buy Out Plan (WBOP) and Trustee Buy Out Plan (TBOP)

Legal & General Assurance Society Limited

Registered in England and Wales No.166055. Registered office: One Coleman Street, London EC2R 5AA.

We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

For Mastertrust (WMT) and Own Trust (WPT)

Trust-Based Occupational Pension Schemes are authorised and regulated by The Pensions Regulator.

Administrator: Legal & General Assurance Society Limited. Registered in England and Wales No. 00166055. Registered office: One Coleman Street, London EC2R 5AA.

Legal & General Assurance Society are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. However, the administration of occupational pension schemes is not regulated by the FCA or PRA.