Get planning
Three ways to prepare for retirement
When it comes to retirement, the earlier you start planning, the more options you’ll have – and the more confident you’ll feel when the time comes to make decisions.
If you’re not sure where to start, here’s our planning checklist to help you step into retirement planning, so you can get retirement-ready on your terms.
Task 1: Find out what your options are
When you come to retire, you’ll have two main options for taking your Citi pension from age 55 (age 57 from 2028).
- Taking the entire amount as a lump sum, with 25% tax free
- Taking 25% of your pension as tax free cash, and the rest paid to you as a regular income for life (an annuity)
Deciding which option is right for you will depend on your personal circumstances – whether you’re retiring alone or with a partner, how steady you want your income to be, and what kind of retirement lifestyle you have in mind.
So you’ll need to spend some time to think about what you want your retirement to look like and then think about how the options available through your Citi Pension Plan marry up to that – including the possibility of transferring out for more flexibility.
Task 2: Explore MyCitiPension and run a retirement quote
You don’t need to be retiring tomorrow to start using the pension tools available to you. In fact, the earlier you step in, the step closer you get to shaping the outcome you want.
With MyCitiPension, you can see how much your pension is currently worth, check your target access age aligns with when you want to retire, and let the Trustee know who you’d like to receive your benefits when the worst happens.
But what’s most helpful in your planning is the My Projected Pensions tool, which can help you understand what your future income might look like – and whether it’s in line with your plans.
Task 3: Consider getting financial advice
Taking your pension is a big decision. And big decisions deserve expert guidance.
A financial adviser can help you make sense of your pension options, spot any tax implications, and build a personalised retirement plan that reflects your goals, responsibilities and future lifestyle.
It’s not free, but it can definitely be worth it – especially if you’re thinking about transferring out of the Citi Pension Plan. An initial conversation can help you decide whether professional advice is right for you, and many advisers offer a free consultation to start. You can find a regulated financial adviser on MoneyHelper.