Plan your retirement
It’s never too early to start planning for retirement. We suggest that you think about the standard of living you might want in retirement, to make sure that your pension or other income will be enough to provide you with the things you need and want.
What should I think about when approaching retirement?
Choosing the right time to retire is entirely a personal choice and will normally depend on the pension income you have built and the lifestyle you want to achieve. Your Local Government Pension Scheme (LGPS) benefits will form some of your pension income.
You can look at your latest Annual Benefit Statement in your online MyPension account to find out the amount of benefits you have built up to the end of the latest schem year ending 31 March.
The figures quoted on your latest Annual Benefit Statement provide an illustration for members and are not legally binding on the Fund. The total amount of benefits which a member would receive on retirement may be different. Members should request a Benefit Estimate from their employer before making any decision to retire.
It’s also worth finding out the value of your State Pension and the income this is likely to provide. You can do this on the gov.uk website.
For many people, deciding when to retire and what to do next can be a daunting prospect and so it is worthwhile spending some time thinking about this and talking it over with your employer, family and friends.
When the time comes, it’s best to give everyone as much notice as possible, especially if you want to start receiving your pension from the date you retire.