Pension Access Readiness Checklist
Work through each item to ensure you are prepared to access your pension.
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1. Check your State Pension age
Use the government calculator to find when you will receive your State Pension. Remember it is rising to 67 between 2026 and 2028.
2. Find out your private pension access age
Most private pensions can be accessed from 55 (rising to 57 from 2028). Check if your workplace scheme has a protected retirement age.
3. Review your workplace pension scheme rules
Understand any early access restrictions, charges, and whether you have a protected retirement age or other benefits.
4. Calculate the size of your pension pots
Gather statements for all your pensions - State Pension, workplace pensions, and personal pensions - to understand your total retirement savings.
5. Understand your tax-free lump sum entitlement
You can usually take up to 25% of your pension pot tax-free. Find out if your workplace pension has different rules.
6. Consider the tax implications of accessing early
Withdrawing pension counts as income. Spreading large withdrawals across tax years can help you stay in lower tax brackets.
7. Calculate your retirement income needs
Work out your expected living costs in retirement, accounting for inflation and any changes in circumstances.
8. Factor in other income sources
Consider the State Pension, any defined benefit pensions, rental income, or other investments that may support your retirement.
9. Research your pension withdrawal options
Explore drawdown, annuity purchase, and leaving funds invested. Each has different benefits and risks.
10. Consider seeking financial advice
A regulated financial adviser can help you understand the best approach for your specific circumstances, especially for large pension pots.
Next Steps
Once you have worked through this checklist, use Delphina to plan your retirement: