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Retirement plans

Call us for a free chat on 0800 032 9301

Lines open: 8.30am to 6pm Monday to Friday

Your timeline to retirement

It’s never too soon to start planning how you’ll fund your lifestyle, whether that's saving into a pension, or choosing a retirement income plan. The steps you take today could make the difference between relying on the state pension to survive, and having the funds to live your dream retirement.

Ready to retire: 12 months or less

If you’re ready to access your pension savings, it’s important to seek guidance and advice on your options. Pension changes mean there are many different options available, and without specialist advice you could risk making poor financial decisions and jeopardising the retirement lifestyle you’ve worked hard for.

With so many retirement options available, it’s important to understand the advantages and disadvantages of each before deciding what to do with your savings. Free guidance on your personal pensions is available from Pension Wise on 0800 138 3944.

Once you’re 55, you’ll also be able to access tax free cash from your pension. Up to 25% of your total pension pot can be taken as a tax free cash in a lump sum, or on each withdrawal.

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Nearing retirement: 2-3 years from retiring

As you get closer to your desired retirement age, it’s time to start thinking about tracking down lost pensions, finding out what your state pension age is and how much you could receive and perhaps combining or consolidating your pots into one.

Combining your pension pots could help you boost your pension savings if you can save money on fees. To find out more about pension consolidation, and to get advice on if this is the right option for you, chat to one of our pension specialists.

Now is also a good time to start thinking about budgeting for retirement and thinking of how you could boost your retirement income if you fall short. Using a pension income calculator will help you estimate how much your pension or pensions could be worth.

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Getting started: 3 years + from retiring

Saving for your future starts with a pension. Personal pensions opened by you or offered by employers rely on you making regular contributions from your income. When you retire your pension will be used to purchase a retirement income. This can be done from as early as age 55.

You may have been offered a final salary or defined benefit pension from your employer, which will have different conditions to a personal pension, and what you can do with it at retirement. Find out more about defined pensions.

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Have a commitment free chat with a Pension Specialist

Call us on 0800 032 9301

TextDirect: First dial 18001

Lines open: 9am to 6pm Monday to Friday. We may record and/or monitor calls for training and audit purposes.

Start your conversation with a pension specialist today by telling us about:

  • Your current pension pots
  • Any contributions you're making
  • How much you've already saved