Guidance and advice

Fraudsters may try to take advantage of the widespread anxiety caused by the recent coronavirus outbreak to target pension savers with scams – please be extra vigilant!

For information on what warning signs to look out for, how to protect your pension, what to consider if you are a member of the Defined Contribution Section, and much more, click here.

There's plenty of guidance and support available to help you understand your choices and the retirement process.

Think carefully about your options, do your research and consider seeking professional advice to make the most of your benefits.

Your options when you retire

It's important you understand your options and choose what's best for your needs.

If you're unsure, an Independent Financial Adviser (IFA) can look at your personal circumstances and help you decide. See unbiased.co.uk for a list of local advisers.

Members with defined contribution pension accounts (for example, in the IWDC Section or in BRASS or AVC Extra) can also get free guidance from Pension Wise.

Where to find help:

unbiased.co.uk

moneyandpensionsservice.org.uk

pensionwise.gov.uk

the pensions advisory service

Budgeting and planning

Retirement can mean a big change to your lifestyle and finances so you need to plan ahead and know what to expect.

You can get advice on how to manage your money and avoid problems, the choices available to you, and how a change in your circumstances, such as births, death or divorce, could affect your pension.

Where to find help:

moneyandpensionsservice.org.uk

moneyadviceservice.org.uk

the pensions advisory service

Tax issues

If you're unsure how your pension benefits will be taxed once you receive them, you can find clear, jargon-free information on the gov.uk website.

Where to find help:

gov.uk

Your State Pension

You can receive State Pension once you reach State Pension age, but the age varies depending on when you were born.

You'll find a calculator to help you work out your State Pension age and how much State Pension you might get on the gov.uk website.

Where to find help:

gov.uk/claim-state-pension-online
gov.uk/state-pension-age

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