- List every pension and obtain current statements.
- Estimate essential and discretionary spending in today’s money.
- Check State Pension eligibility and the timing of payments.
- Review investment risk before drawing benefits.
- Understand the effect of taking a lump sum on remaining income.
- Plan for tax, debt, dependants and unexpected costs.
The route depends on your pension
Available lump-sum, annuity and ARF options depend on your pension arrangement and the applicable rules. Compare certainty, flexibility, investment risk and dependent benefits before choosing. A single fund value cannot tell you whether a retirement plan is sustainable.
Last reviewed: 21 September 2026. Rules depend on your circumstances.
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