How to choose

With so much information and so many options available, there’s a lot to consider. The good news is there are a number of ways to get help and guidance.

Before you start, it's vital to remember you can choose from the full range of retirement products and options offered by all providers. Depending on your circumstances, age, health and lifestyle, you may be able to get a better deal elsewhere. And don’t forget, you can normally take up to 25% of your pension pot tax-free.

Some of the decisions you make are once and for all decisions that can’t be undone. So before you decide, ask yourself the following questions:

Do you want or need to start taking a pension income now?
What will your living costs be once you’re retired?
Will your planned income cover these?
Do you need to make provisions for anyone else – a spouse, partner or dependant?
Have you shopped around for your best solution?
Do you think your circumstances may change in the future, and if so, what provision do you need to make for this?
What are you looking for from your pension income – flexibility, security, peace of mind?
Have you looked for free and impartial guidance – for example, from Pension Wise a service from MoneyHelper?
Have you sought financial advice?
Where can I find free impartial guidance and advice?

You can also read MoneyHelper's guide Your pension: your choice PDF: 1468KB.

MoneyHelper

The Government offers free and impartial guidance through a selection of organisations if you’re over 50 and in a workplace or personal pension. You can chat to their experts online, call or see someone face to face.

Age UK

Age UK offers free and impartial advice on money matters in retirement, including pension options.

The Silver Line

If you’re feeling overwhelmed or would like more general support, The Silver Line can offer information and advice.

A financial adviser can provide you with a personal recommendation to help you make the right retirement choice, for a fee.

If you don’t have a suitable adviser already, you can find one in your area at Unbiased.

You should make sure that they're authorised by the Financial Conduct Authority (FCA) and you can check this on the FCA register.

Next steps

Take a look at what retirement income products we can offer you.

Need some help?

Making well-informed decisions about financing your retirement is important so it’s worth shopping around and using available guidance and advice, before you buy. Other providers may have more appropriate products or be able to offer a higher level of retirement income.

Retirement guidance

Pension Wise from MoneyHelper

You can get guidance from the government's free and impartial service to help make your money and pension choices clearer.

The availability of appointments can vary between a few days and several weeks, so if you need guidance, it's a good idea to book an appointment slot now:

0800 138 3944

Monday to Friday 9am to 5pm.
Calls may be recorded and monitored.

Speak with us

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

Get financial advice

Financial advisers can give you professional advice for pension planning.

You usually need to pay for their service and in return they recommend how to make the most of your pension given your circumstances.

To find and compare financial advisers please visit their website below.