Pension planning: it's never too early

What can I do now?

Being organised now can save you time in the future. It can help to keep all the relevant paperwork together and ensure you have up-to-date contact details for your pension provider. 

It’s useful to keep a regular eye on your pension estimate too. This helps you understand how much you can expect to receive so you can plan your finances both now and in retirement. It also means you’re more likely to spot errors early so they can be addressed.

If you’re a member of the NHS scheme, you can check your Total Reward Statement which is updated annually. Outside of the NHS, you can get an estimate from your pension provider. 

What should I do as I move closer to my planned retirement date? 

Your pension provider can calculate a more detailed estimate, although they may charge for this. You’ll be able to access key information via your pension provider’s dashboard. If you don’t have access to this, contact the provider directly and request access details. 

You should find out how much notice you need to give your employer and pension provider. This is often longer than you think, for example up to four months in the NHS. 

If you have more than one pension, you’ll need to apply for each one separately. Make sure you give yourself enough time to complete the paperwork. 

Our Welfare Service may be able to help if you face a significant drop in income.

I have multiple pensions – how do I track them down?

Most pension providers send their members an annual statement. 

If you’ve moved and forgotten to update your details, you can find your pension provider’s contact information on any old paperwork if you still have it. If the pension was with a previous employer, they may be able to help if you contact them directly.

If you’re still struggling, the Money Helper pension tracing service can search a database of more than 200,000 pension schemes to find the relevant contact details for your pension provider. You can contact them on 0800 731 0193 or by completing their online form.

Money Helper also has some useful template letters to help when contacting a pension provider or former employer. 

My employer hasn’t been paying contributions into my pension, what can I do?

Checking your payslips and annual pension statements can help you spot and address issues early.

Many queries can be resolved quickly and easily by your employer. Contact your payroll department or pension officer if your workplace has one. They can often help.

It can take up to 90 days for contributions to show on your pension statement, so please allow for this before taking any formal action.

If you were in RCN membership at the time the contributions were paid, we may be able to help. Contact our advice team.

If you weren’t a member at the time, you can report missing payments to the Pension Regulator.

Can I return to work after retirement?

It’s possible to return to work after retirement but the number of hours you do may affect how much pension you receive.

Many employers have a retire and return policy. This outlines your rights if you want to return to work with the same employer after a short break. It’s important to note that in these situations, you’re returning on a new contract so you need to check your terms and conditions carefully.

If you wish to return to work after a longer break or with a different employer, please discuss this with your pension provider. 

You can continue to claim your state pension after retirement providing you’ve reached state pension age. You can also defer your state pension. A financial adviser can help you decide the best option. 

How do I get independent financial advice about my pension?

Pensions and retirement planning require specialist advice. As a member of the RCN you’re entitled to a complimentary, no obligation financial review from Lighthouse Financial Solutions as long as you’re paying UK income tax. Please have your UK National Insurance and RCN membership number ready.