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Mercer Private Wealth


PENSION DECISION SERVICE


TIME TO UNLEASH YOUR PENSION POTENTIAL

Whether you find planning for life after retirement daunting or exciting,
what's most important is getting the right outcome for you.

With retirement around the corner, learn what you need to consider when making
your
choices, ways to take your pension, and where and how to get professional
advice.

Get started today

On this page Plan for the future How much will you have? The options Get
guidance What to do next


TALK TO US

Book a call today to speak with a Retirement Relationship Manager.

Make a booking for a time that suits you


WHAT'S YOUR PLAN FOR YOUR FUTURE?

When planning your retirement, it's important to imagine how you'll use your
money. Although you can't predict the future, you can plan based on what you
know today.

Here are some questions you can ask yourself to get started:

 * How do I want to spend my time when I'm retired?
 * How will my lifestyle change as I get older?
 * What will my likely monthly outgoings be?
 * How might my health change as I age, and how long will I live?
 * How far will my savings need to stretch?
 * What do I want to leave behind for my family?
 * Will I support my loved ones financially during my retirement?

With a clearer picture of your ideal retirement, you'll be in a much stronger
position to decide how to use your pension.


HOW MUCH MONEY DO YOU HAVE FOR LIFE AFTER WORK?

Whether you have several pensions from various jobs over the years or just the
one, it's important to understand how much money you're likely to have when you
get to your retirement.

Once you’ve gathered all this information, you can then ask yourself whether you
have enough to support the lifestyle you want.

With a pension statement from your provider, you can see what you've already
built up and, in most cases, what you're likely to get when you choose to take
your pension as income. If you're unsure who your provider is, you may need to
contact previous employers to find out.

Make a list of your pension providers and contact them to request a pension
statement or retirement pack if you are close to retirement.

Get a state pension forecast online at www.gov.uk/check-state-pension

Remember that pensions (including the state pension) are just one way to provide
retirement income. Look at any other savings you may have access to, as well as
any property and investments, and consider how to use them when you stop
working.


GET TO KNOW THE RETIREMENT OPTIONS

There are lots of ways to take your pension money. To keep things simple, we've
grouped them into five main options below.

Want to get more detail? Learn about the options for defined benefit and defined
contribution schemes.

Get a guaranteed income for life

AKA: Scheme pension (defined benefit only), Conventional annuities, Enhanced (or
health-based) annuities

You could get a guaranteed income for the rest of your life no matter how long
you live. For many, this option provides a sense of security and peace of mind.

Depending on the type of scheme you're in and the option you choose, the income
may automatically increase over time or keep up with inflation.

There's also an option to give your partner an income when you die. Enhanced and
ill health annuities can also pay higher rates dependent upon you having certain
health conditions and lifestyle choices.

You can normally take up to 25% of the value of your pension as a tax-free cash
lump sum straight away, with the rest used to give you a regular taxable income.

Take your pension money in one go

AKA Cash, Single uncrystallised funds pension lump sums (UFPLS) (defined
contribution only)

You could take all or part of your pension savings in cash. The first 25% of
each withdrawal you take is normally tax-free, but the remaining 75% is subject
to income tax at your marginal rate.

If you're considering a large lump sum, think about whether you'll have enough
money left to provide an adequate income for the rest of your life.

Pick and choose when to take money

AKA Flexible access drawdown

You can take money from your pension flexibly and keep the rest of it invested,
so it has the potential to grow.

Because the remaining money is invested, the value could go up and down. So you
should track the investment performance regularly to avoid running out.

For each cash withdrawal, if you don't need all of the tax-free cash lump sum at
the start, the first 25% will be tax-free, while the remaining 75% is taxed as
income. Be sure to consider any tax implications with this option carefully .

Keep your pension where it is

AKA: Stay as you are, Delaying retirement, Deferring retirement

If you don't need your money now, you can leave your pension exactly where it
is.

Note. Not usually an option for a defined contribution scheme.

Combine your options

It may also be possible to have a combination of the options above. For example,
you could use some of your pension money to provide a guaranteed income and use
the rest differently.

There may be different charges on some or all of these options, so it's
important to check them out.


GETTING GUIDANCE AND ACCESSING ADVICE

Now that you're armed with the information to make your final decision, we
strongly recommend you seek guidance or speak to an independent financial
adviser before you commit.

Guidance and advice provide different kinds of support:

 * Guidance is a good way to understand your options and answer general
   questions. Think of it as a check-in to ensure you know your stuff and are
   prepared to take the next step.
 * Advice looks at your current circumstances and future needs and provides a
   recommendation for what you need to do. The UK regulator, the Financial
   Conduct Authority regulates Financial Advisers.

Whatever your decision is, it will likely impact the rest of your life. So at a
minimum, we recommend seeking guidance to ensure you understand what you could
do before going on to speak to an adviser about what you should do.

When it comes to getting advice, you have a few options:

 1. If you already have your own Financial Adviser, you should speak directly
    with them.
 2. Find and engage a Financial Adviser at directory.moneyadviceservice.org.uk
 3. Mercer has Financial Advisers that may be able to assist you. When you speak
    with one of our Retirement Relationship Managers, they can let you know if
    you're eligible, what to expect from the advice process and indicative
    costs.
 4. Mercer also provides a non-advised Annuity service. An Annuity Consultant
    will present you with options tailored to your circumstances but won't tell
    you which one to choose.


TALK TO US

Book a call today to speak with a Retirement Relationship Manager.

Make a booking for a time that suits you


WHAT TO DO WHEN
YOU'VE MADE YOUR
DECISION

Once you've decided how to take your pension, you'll need to complete the
relevant paperwork from your pension provider. The exact steps will largely
depend on the option you choose.

If you wish to take one of your scheme options you can book an appointment with
your Retirement Relationship manager who will explain how the options work and
request the claim forms on your behalf.

Make sure you have your retirement pack on hand to refer to during this process.


TALK TO US TODAY

A personal Retirement Relationship Manager is on hand to help with any
questions.

Make a booking to talk at a time that suits you.

Select your scheme Santander Wood Group Any other scheme
Book your call Book your call Book your call


TAKE THE PENSIONS QUIZ

Test your pension knowledge to make sure you understand the options available to
you.

Get started

Disclaimer

Please note this website is for information only and is not personal financial
advice. The materials on this site are not tailored to your particular personal
and/or financial position. If you require financial advice based on your
specific circumstances you should seek this from an authorised financial
adviser.

Comments are based on our current understanding of legislation, taxation and
HMRC practice, which may change in the future.

Please remember that the value of investments, and any income from them, can
fall as well as rise so individuals could get back less than they invested. Past
performance does not guarantee future results and the effects of inflation will
reduce the future spending power of money.

Information contained herein has been obtained from a range of third party
sources and may change in the future. While the information is believed to be
reliable, Mercer has not sought to verify it independently. As such, Mercer
makes no representations or warranties as to the accuracy of the information
presented and takes no responsibility or liability (including for indirect,
consequential or incidental damages), for any error, omission or inaccuracy in
the data supplied by any third party.

Mercer is a business of Marsh McLennan. Marsh McLennan is the leader in risk,
strategy and people, helping clients navigate a dynamic environment through four
global businesses.

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