Later life

Understanding pensions and retirement income

Explore workplace pensions, pension statements, retirement income and common planning questions.

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Know what pension you have

Workplace defined contribution pensions usually build an individual pot whose value can rise or fall. Defined benefit schemes typically promise benefits calculated using scheme rules rather than an individual investment pot.

Gather annual statements and understand the scheme's retirement age, charges, investment risks and any employer contributions.

Questions to ask

Are any old workplace pensions missing?
Do you understand the difference between defined benefit and defined contribution?

Check the retirement income picture

Your eventual retirement income may include a State Pension, workplace or personal pensions, savings and other sources. State Pension entitlement depends on your National Insurance record and applicable rules.

Inflation, tax, market conditions, health and longevity can affect how far income goes. Projected figures on statements are illustrations, not guarantees.

Questions to ask

Have you checked your State Pension forecast through GOV.UK?
What costs might change after work ends?

Understand help and safeguards

Be cautious about unsolicited pension approaches or promises of exceptional returns. Pension withdrawals, transfers and retirement income choices can have significant tax and benefit consequences.

Use free independent guidance and appropriate regulated advice before making irreversible decisions.

Questions to ask

Does an offer require an urgent decision?
Have you checked whether the firm is authorised?

Useful next steps

This is general UK financial education, not a personalised recommendation. Rules, prices and entitlements can change; check your circumstances and the relevant UK nation.

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Check the age and amount of your State Pension

State Pension age is rising from 66 to 67 between 2026 and 2028. People born during the transition may reach State Pension age at 66 years plus a number of months. This is separate from the normal minimum pension age for most personal and workplace pensions, which is currently 55 and is due to rise to 57 on 6 April 2028. Certain protected pension ages, ill-health circumstances and uniformed-services arrangements can be exceptions. Your State Pension age and forecast should be checked using GOV.UK; ask the pension scheme about its access rules before making plans.

GOV.UK: State Pension age timetable · GOV.UK: Check State Pension age · GOV.UK: Check State Pension forecast · HMRC: Normal minimum pension age · HMRC: Protected pension ages

References checked 14 November 2026. These are limited factual clarifications, not a substantive review of every statement in this guide or individual advice. Please check for later changes.