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(UK Answer)

There are in essence three types of pension plan in the UK. Each have a number of different processes that are required in order to start the process of claiming your pension.

These are:-

1) Your state pension. A pension paid to you by the Department for Work and Pensions based on your national insurance record from during your working life

2) Any personal pensions. These are pensions that you have chosen to save within during your working life. These could be with a Life insurance company or a bank.

3) Any occupational pension pensions. These are pensions that are set up and managed by your employer. There are various types of occupational pension schemes that exist.

How to claim your state pension (1)

Shortly before your normal retirement age you will receive correspondence from the department for Work and Pensions explaining your entitlement to a state pension. However, if you are within 4 months of your state pension age, you can claim your state pension online here: check link 1.

How to claim your personal pensions (2)

You are able to begin drawing any personal pensions any time after your 55th birthday. It is also possible to access the tax free cash entitlement after your 55th birthday without drawing the income. This is of particular interest to those that are looking to repay mortgages or other associated debts.

It should be noted that this course of action would almost certainly reduce the amount of income that you receive when come to take full retirement.

Financial advice is essential. check link 2. It's a service that can connect you with a specialist financial adviser that can provide you with assistance in this area.

How to claim your occupational pensions (3)

Your occupational pensions will ordinarily have a "NRD" (normal retirement date) this is the date from which you can commence drawing your pension from this scheme. However, if you are over 55 it is ordinarily possible to access your pension lump sum and income. Each scheme can have different rules, so it is important to get full information from your former employer.

If you have lost your former employers' information, you can use the pension tracing service which is free of charge and can be found here: check link 3.

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