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Creating a retirement plan

There’s a lot to think about when you’re planning your retirement. And don’t forget your situation may change in the future, so it can help to be flexible. If you need any help, you can always call our retirement service on 0800 41 41 61; We're open 8.30am to 5.30pm, Monday to Friday and 9am to 12:30pm on Saturdays. Here are some things to consider:

Important information - please keep in mind that the value of investments can go down as well as up, so you may not get back what you invest. Eligibility to invest in a SIPP and tax treatment depends on personal circumstances and all tax rules may change in the future. You cannot normally access money in a pension until age 55 (57 from 2028). It’s important to understand that pension transfers are a complex area and may not be suitable for everyone.

Work out what you have

There are lots of different places where you might get an income for your retirement. You’ll need to know what they are and how much you have so you can plan ahead effectively. Here is a list to help you.

The income you receive is guaranteed to last as long as you live, though the weekly amount you get depends on several factors. Get a forecast from the Government.

For their current value, or estimates of what they might be worth, just speak to your pension plan providers. If you can’t find details of a scheme you had in an old job, the Pension Tracing Service can help.

These are plans you set up yourself, so to get their value, just speak to the pension provider that looks after them. If you think you may have lost track of a plan, try the Pension Tracing Service .

Many people see their home as part of their retirement savings, for example downsizing and equity release. If you are considering this, make sure you take into account the costs of moving home and the implications if you want to leave something to your loved ones.

If this is part of your plan, make sure you are confident of its future value, and the right timing to sell it.

You might have ISAs, stocks and shares, premium bonds, bank accounts or other savings. Even if they’re not specifically ‘for retirement’, keep them in mind, so your plan is fully inclusive. 

Understanding what you'll need

Do you know how much savings you’ll need to support the lifestyle you want in retirement? Use our retirement calculator to find out if you are on track to meet your retirement goals.

Retirement calculator

Understanding your income options

When you’re planning your retirement it’s important to understand the options for taking income from your pension pot. You now have much more freedom than before, but this means there’s more for you to understand and consider and any decisions you do make can have a big impact on your future.

Understand your pension income options

What if there’s a gap?

What you do next is likely to depend on how close you are to retirement and whether you have enough savings to achieve your goals. If there is a shortfall, there are some options for you to consider.

It can be easier to manage your money if it’s all in one place.  Explore transferring your pension.

You could get tax relief from the government to boost your contributions and there’s time for it to grow (though there's no guarantee that it will).

You may be able to fill in gaps in your National Insurance record by making voluntary contributions, which would then boost your weekly payment from the Government.

If you hope your pension will grow further, or you intend to make further contributions, waiting to take your tax-free cash could help. As it is worth 25% of your pension’s total value, as long as this amount is not higher than your remaining lump sum allowance, leaving it invested could help your pension grow if the underlying investments continue to do well.

A few extra years in work can make a huge difference to your retirement income.

The key point is to decide if you want to make your own choices or need a little help.

  • If you’re going it alone, we can still offer you guidance to help you understand your options, the benefits and drawbacks of each and in setting up the option you choose. Explore your retirement options.
  • If you want support, just get in touch with Fidelity's retirement service. Our team specialises in setting up retirement incomes and for a fee, will focus on developing a plan that suits your specific needs and challenges such as inflation, tax, longevity and making sure your money lasts. Find out more about our retirement service.

Important information – It’s important to understand that pension transfers are a complex area and may not be suitable for everyone. Before going ahead with a pension transfer, we strongly recommend that you undertake a full comparison of the benefits, charges and features offered. To find out what else you should consider before transferring, please read our  transfer factsheet. If you are in any doubt whether or not a pension transfer is suitable for your circumstances we strongly recommend that you seek advice from one of Fidelity’s advisers or an authorised financial adviser of your choice.

Trying to manage pensions across different providers can be both time-consuming and difficult. Bringing them together into Fidelity’s Self-Invested Personal Pension (SIPP) can help you take control and plan ahead more effectively. 

Helpful guides

Retirement income guide

Download our guide to getting the retirement income you need.

Thinking of transferring?

To find out what you should consider first, please read our Fidelity SIPP transfer guide.

Ready to chat?

Talk to someone about your retirement options in more detail

We can help

Close to retirement but unsure about the options and pitfalls ahead? We can offer guidance and advice to help you find the best solution for your retirement. Call us on 0800 41 41 61; We're open 8.30am to 5.30pm, Monday to Friday and 9am to 12:30pm on Saturdays.

Fidelity’s retirement service

Pension Wise

The government’s Pension Wise service offers free, impartial guidance to help you understand your options at retirement. You can access the guidance online or call on 0800 011 3797.

Visit Pension Wise

Important information – This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment please speak to one of Fidelity’s advisers or an authorised financial adviser of your choice.