Already Retired

Your retirement fund

Life doesn't stop when you retire, so it can pay to regularly review your money

Have you considered you might spend as long in retirement as you did in your job? It could last decades, so it can be good to keep checking your finances to make sure they change with your circumstances. A financial adviser could help you work out the best way of planning for this.

Your retirement income now and later

Pensions will probably be a part of your retirement income and you can access them at different times and in different ways. But you might want to look at other ways to boost your money too, especially if you’d like to leave something behind for loved ones, or put some funds aside for care costs that might be needed later on. We’ll look at your current plans and ways you could withdraw some of your money to use as income, and regularly review your retirement fund to try and make sure it suits your needs, especially if your circumstances have changed.

Claiming your state pension

When you reach state pension age, you’ll be able to claim your state pension, if you’re eligible, even if you’re still working. You’ll get a letter from the Pension Service telling you what to do a few months before your pension age. It’s worth checking your national insurance record at gov.uk to get an idea of what you might be entitled to.

Claiming workplace and personal pensions

Depending on your provider, you’ll usually be able to access personal and workplace pensions from age 55 onwards and 25% of the pot will be tax-free.Your pension provider will give you options around how you’d prefer to have it paid. Check gov.uk for information to find out more about the options.

For flexible retirement solutions such as drawdown, your capital is at risk and you may get back less than you originally invested. The value of investments and the income from them may fall as well as rise. If you choose to use your retirement funds as income (drawdown), and you take too much too quickly, your funds could be depleted or you might run out altogether, so it might be worth speaking to a financial adviser before making any decisions.

It doesn’t cost anything to see if we could help you with your retirement plans. Call 0800 731 5342 for a free initial chat to see if you could benefit from financial advice. There’s no obligation to act- our No Pressure Promise makes sure of that. You won’t incur any charges unless you act on our recommendations.

Other Income

Pensions aren’t the only way to save for retirement, so if you’d like to discuss ways you might be able to boost your retirement funds on top of saving into a pension, we might be able to help.

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Why choose Skipton for financial planning

No pressure promise

We’ll never push you into taking up a recommendation or service you don't want or need.

No implementation no charge

You'll only be charged if you decide to implement your financial plan

Retirement planning experts

Your adviser will discuss with you your current lifestyle and financial situation, and build a plan tailored to your needs

Get in touch

Web Chat

If you’ve got a quick query, drop us a line on web chat and our friendly team will be happy to help you out.

Speak to us

Call us on
0800 731 5342
or request a call back

Visit us in Branch

Come and see us at any of our UK branches and we’ll arrange an appointment to talk about your retirement plans.

Legacy Planning

You might want to think about legacy planning when you’re making plans for your retirement funds, which includes things like checking if your estate might be affected by inheritance tax, making a Will, choosing a Power of Attorney and even planning your own funeral.

Find out more about Legacy Planning

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