Planning for retirement: a tax checklist

State pension

Look at what state pension you might get and when. Here are some things to think about:

• confirm the date of your entitlement to the state pension by using the GOV.UK state pension age calculator;
• follow the guidance on GOV.UK to get a state pension statement which shows how much your state pension will be, if you decide to claim it when you are entitled;
• claim your state pension online, via GOV.UK, when the time comes to take your pension. You can also claim by contacting the Pension Service by telephone or post;
• consider whether to defer your state pension;
• check the tax position of any state pension lump sum (this only applies if you reached state pension age before 6 April 2016 and deferred claiming your state pension).

State benefits

A change in circumstances can mean that there is a change in state benefits you receive or can claim in the future. We suggest getting in touch with a welfare benefits adviser for a benefits review.

Other pensions and tax

Your income is likely to change as you think about retirement, which is likely to prompt you to look at any pension savings you have. But you should also think about how reducing or stopping work can affect your overall tax position. Here are some things to think about:

• consider whether or not you could cash in your pension, although be aware that for tax reasons it might not always be a good idea to take it all out in one go;
• check whether you have the details of any workplace or private pension schemes that you have paid into. If you cannot find these, a tracing service is available. See GOV.UK for more information;
• check your National Insurance position if you intend to continue working;
• check your tax code and be aware of possible problems;
• think about whether you and your spouse or civil partner could elect to use the marriage allowance;
• consider the position if you intend to retire abroad;
• check what UK tax you might have to pay on any overseas pension.