Many of you will already be talking to a financial adviser to manage your finances. Thinking seriously about your pension though may not have been on your agenda and you may not have considered what to do with your Plan pension as part of these discussions.
To think it all through and prepare for any discussions you have with your own adviser, here are a few pointers:
If you have other pensions, from previous jobs or personal pensions you are paying into separately, it is worth getting hold of up-to-date valuations of all of those so you can paint an accurate and recent picture of your pension savings. There may also be a consideration around whether or not you can (or should) consolidate these.
These can be anything – property, shares, SIPPs. They will form part of your current financial picture and will be useful to share with your financial adviser as part of the planning.
If you plan to continue working to earn an income - whether part-time or full-time - alongside taking the benefits from the Plan, there are a number of things to consider. These could be both practical and financial, including thinking about tax, knowing the rules around making further contributions to a pension plan after you have taken your benefits and deciding how you receive the benefits you have built up in the Plan.
When it comes to taking your pension benefits, there are plenty of things to think about and one of the most important ones is the tax implication of taking your benefits from the Plan. The lifetime allowance is a key tax allowance to be aware of, but if you are still building benefits, make sure you are familiar with how the annual allowance (and possibly the tapered annual allowance) may affect you too. Find out more about tax allowances here.