Pension review

Do you know how much income you will need to be able to maintain the standard of living that you want when you give up work? If you don’t know then fill in the details below to find out.
Do you know how much income you will receive when you give up work? Even if you know, is there a gap between the income you will receive and the income you want? If so what are you doing to rectify that?

How much income do you need?


Annual outgoings Amount £                                           Annual income Amount £
Mortgage/Rent State pension(s)
Living costs
(eg food, utility bills, car, etc)
Private pension(s)
(eg health, car, boat, pet, etc)
Company pension(s)
Council tax Dividends/Interest
School/University fees Investment income
Leisure activities
(eg holidays, golf, etc)
Earnings from employment/
self employment
Other miscellaneous costs Other miscellaneous income
Total annual outgoings Total annual income
Shortfall                         £ pa

You need to remember to take into account your personal tax position when you give up work when determining how to minimise the size of any shortfall.

Whether retirement is many years away or just round the corner, unless you start planning for retirement now, there is a great danger that you could out live your savings. You need to decide:

What are your aims when you retire?
How do you plan to achieve them?
Are you on track to achieve your aims?
When did you last review your pension plans?
Are you happy with the performance of your existing policies?
The golden rule is to find out exactly how much you are going to need
in retirement – and to start planning for it now.

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