Step 5 - Make your decision

Once your scheme members have: found their pension, planned their future, understood their options and received guidance and advice, hopefully they are in a good position to make the right decision for their retirement - but that’s not the end of the process.

They’ll need to contact each of the administrators of those pots of retirement savings they discovered in Step 1. They may wish to consolidate their savings into one pot to secure the best possible deal. In short, once they’ve made their decision they will need to do some form filling and even that isn’t always as simple as it sounds. For example, when completing a Claims form, your scheme members will need to state what percentage of their Lifetime Allowance they are using when taking the pension.

For those ceasing their working life, there will be the necessity of ensuring the first payment from their retirement savings coincides with the last payment of their salary.

It’s therefore easy to see why Step 5 can often be the most stressful of our 5 Step Guide.