-

Approaching retirement

If you’re approaching retirement, you might be starting to think about how and when you’ll access your pension savings. Here, you can find everything you need to know about the different options available to you.

The value of investments can fall as well as rise and you could get back less than you invest. If you’re not sure about investing, seek independent advice.

If you’ve only got a few years to go before you’re planning to finish work, now’s the time to start thinking about how and when you’ll start taking an income from your pension.

It’s worth checking too that your savings are on track to meet your retirement goals – if not, you might want to think about whether you’re able to tuck away a bit more each month, or whether you’d consider working for longer.

Here, you’ll find information which may help give you a clearer idea of how much you might need in retirement, plus the different ways you can access your pension savings - and what this could mean for your tax bills.

Please remember we don’t offer personal investment, tax or pensions advice, so if you’re unsure how to proceed, seek professional financial advice.

The value of investments can fall as well as rise and you could get back less than you invest. If you’re not sure about investing, seek independent advice. Tax rules can change in future. Their effects on you will depend on your individual circumstances.

Consolidating your pensions

You may have built up several pension pots from various employers during your working life. It’s possible to bring these pension funds together in one place. This is called consolidating your pensions, or pension switching.

Your options at retirement

You’ve worked hard for your retirement, but before you can start enjoying it, you’ll need to decide how your pension will provide the income you need to live on.

Smart ways to boost your retirement income

You’ve prudently saved into your pension all your working life. But now you’ve reached retirement, it’s important to make sure these savings work as hard as they possibly can for you. Here are some ways to maximise your retirement income.

Understanding defined benefit pension schemes

Some company pension schemes, known as Defined Benefit, or final salary, pay a guaranteed income at retirement. Here, we explain how they work.

Ready to start your journey with a Barclays SIPP?

If you have a Barclays SIPP, you can manage payments into your SIPP, withdrawals or transfers of existing pensions via the manage button on your account. Any other documents for your Barclays SIPP can be accessed here. This includes your SIPP terms, the Key Features Document and the Benefits Guide which set out how your SIPP operates.

Need some help?

Call us

If you have any questions, you can give us a call on 0800 279 36671

Find out more about SIPP

The value of investments can fall as well as rise. You may get back less than you invest. Tax rules can change and their effects on you will depend on your individual circumstances.

Investment ISAs

Self-Invested Personal Pension (SIPP)

A self-invested personal pension (SIPP) is a type of tax-efficient personal pension that usually offers you access to a wider choice of investments than other types of pension.