Try not to worry too much if you don't think you have enough in your pension fund to be able to retire. There are some things you can do that may be able to improve the situation.
Make sure that you take into account all of your pension funds. If you've moved jobs a lot, you may have several.
If you're not sure how to track them down, get in touch with the government's Pension Tracing Service.
They'll be able to help you trace both company and personal pension plans that belong to you.
Read more about multiple pension plans.
You can choose to continue working or reduce your hours if you really don't think you can afford to retire at the moment. The longer you work, the more you can pay into your pension fund and every penny could make a difference when you do eventually retire.
You'll probably be entitled to a state pension and possibly some extra benefits. You will have to sign up for these as you won't receive them automatically. You may also qualify for some welfare benefits such as the winter fuel allowance.
Find out just what benefits you're entitled to at www.gov.uk.
You should check how much income you could get from your pension fund. Our Pension Annuity Calculator will do that for you.
It's worth checking on the performance of your investments and the interest rate you're receiving on your savings. You may find that you can do better by moving them elsewhere.
We have a range of savings and investments that may appeal to you. We'd recommend that you talk to a financial adviser about your options.
It's likely that you are living in your most valuable asset. There are ways that you can use your home to help fund your retirement. Let us tell you how.
If you only have a small pension fund, you may be able to take it as a lump sum. This is known as the triviality option.
From 6 April 2015 you will have the option to take all of your pension fund as a cash lump sum. See How do I take money from my pension fund?
Until 6 April 2015, if the total value of all your pension(s), including those already being paid, is lower than a limit set by the government, you may be able to take it all as a cash lump sum, rather than having to buy an annuity. This is known as the triviality or commutation option. You have to be over the age of 60 and Aviva will only pay triviality up to the age of 75. For details of the triviality level set by the government please visit www.hmrc.gov.uk. Up to 25% of any triviality payment is tax free, with the remainder being subject to tax in accordance with your PAYE rates.
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