When it comes to accessing your pension, many providers may assure you that you’ll receive your money in “as little as 10 working days” or “no longer than 15 working days”—but these timelines refer only to the period following your application.  Before you reach that stage, it’s essential to understand the value of your pension, as well as the specific terms and conditions that apply to your policy.

Pensions come in many forms: some are workplace schemes, while others are personal pension plans. In some cases, making a simple withdrawal could result in the cancellation of certain benefits, potentially impacting your long-term financial security.

For this reason, it’s crucial to know precisely which type of pension scheme you hold and what benefits are attached to it.  Your Financial Adviser is ideally positioned to investigate these details on your behalf.

The fastest and most efficient way to make a pension withdrawal or to begin receiving income in retirement is to plan ahead.  Inform your adviser well in advance about when you intend to start drawing an income from your pension fund or when you wish to withdraw a lump sum.  Do not wait until the last minute or just days before your retirement date!

Provide your adviser with complete details of all your pension schemes at the earliest opportunity.  This enables them to conduct the necessary research in good time. Ideally, your adviser will already have this information, thanks to ongoing advice and regular annual reviews.  With proper planning and communication, you can relax, confident that your application can be made promptly, and that your pension provider will process your withdrawal in line with their advertised timescales.

By understanding the steps involved and preparing ahead, you can avoid unnecessary delays and ensure a smooth transition into retirement, with your pension funds readily available when you need them most.