Obtain your up to date pension statement and make sure you fully understand it as there are a few options you may wish to consider such as :
- Converting some of your of pension to lump sum.
- Deferring taking your pension and benefit from an increase for not taking at Normal Pension Age (NPA)
- Taking your pension earlier than NPA and reducing the income you receive.
- Using any AVCs you may have accumulated to increase your income.
- Reducing your working hours and using the “Flexible Retirement” option (depending on which scheme you are in).
If you have a defined contribution (DC) scheme, there are five main options for you to consider: