Delaying Your Retirement

You don't have to retire now. If you're not ready to give up work or think you can't afford to retire yet, you just need to let your pension provider know. Basically, it's up to you when you want to take your retirement benefits. You just need to remember that with Aviva, you must do something with your pension fund before your 75th birthday. For further information please refer to our FAQs - Can I retire after I'm 75?

Continuing to work does have its advantages. If you still have a salary coming in, you can carry on paying into your pension and try to pay off or reduce any debts you may have.

You can also choose semi-retirement and wind down a bit, reducing your hours until you are ready to stop work completely. You can even retire without taking your benefits just yet.

You may want to speak to your pension provider to find out whether you will have to pay any penalties if you change your retirement date. If you have a pension with Aviva, call us on 0800 533 5195 to talk to us about your pension.

Things to do

First, you need to tell your pension provider that you don't want to take your retirement benefits yet.
Make sure you contact all your pension providers. If you're not sure how many pensions you have, you can ask The Pension Tracing Service for help.
Think about when you may want to retire as your pension providers may ask you for a new retirement date.
You may qualify for the State pension, which you can take without taking your retirement benefits. You can find out more about this at www.direct.gov.uk.

Related FAQs

What happens to my fund value if I choose to delay my retirement?

If you're invested in a unit-linked fund, the fund value can go up and down. The degree of fluctuation will depend on the type of fund you're invested in. If your money is in a high risk fund, the value is likely to fluctuate to a greater degree than if it was in a lower risk fund.

If you're invested in a with-profits fund, the value can go up and down. We may also apply a market value reduction if you delay your retirement and continue to invest in the fund.

If you're invested in a unit-linked fund or a with-profits fund then you may get back less than the amount paid in.

You should check with your financial adviser or pension provider about the implications of delaying your retirement before you make your final decision.

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