Personal Planning

The following is a useful list of actions that you should be taking as you approach retirement. Many of these actions are related to matters outside the RSP, or indeed IMI, but all are important.

  • Assess the total value of your retirement savings.
    • Get up-to-date statements for all of your company and personal pensions, not just the RSP or those in other IMI pension arrangements.
    • Find out your state pension entitlement at www.gov.uk/state-pension.
    • When assessing your retirement pot, remember to include any savings and investments and factor in any outstanding debts such as your mortgage or loans.
  • Make your final decisions on how you want to take your pension benefits.
    • Take professional financial advice if you’re unsure about your options. The Trustee makes an annuity service from AON available to you.
    • Think about what you would like to do with a tax-free lump sum.
    • If you want to take an annuity, decide which type would suit you.
    • Consider what will happen when you die. Do you need to update your Will?
  • Check deadlines for completing necessary paperwork with your pension providers.
    • The RSP administrator, Willis Towers Watson, will have been in contact with you well before your retirement date to help you with this, but consider the deadlines for other pensions you may have.
  • Complete the paperwork for your State pension.
    • You should receive this from The Pension Service around four months before you reach State Pension Age.
    • Think about whether you want to defer your State pension.
  • Complete a pension coding form from HM Revenue & Customs to ensure you don’t pay too much tax in retirement.

 …………..and last, but by no means least,

  • Consider what you’ll be doing when you retire. Are there any hobbies you’d like to pursue or goals you’d like to achieve?