Deciding how to use your pension savings
Deciding what to do can feel complex, but our information and tools will help you understand your options
Start by thinking about it in three smaller steps:
What will you need?
For a moderate lifestyle (where you could have a foreign holiday each year and eat out a few times each month, for example) you'd probably need a retirement income of £31,300 after tax per year or £43,100 for a couple.
To work out what you might need, use our Retirement living standards tool:
What will you have when you retire?
Check what value your Legal & General pensions might be worth when you retire. You can find this in the Pension Maturity Pack you’ve received or in your latest Pension benefit statement, online in your account.
Check what you have in your Legal & General pension savings
It's easy to check what your Legal & General pension savings could be when you retire: you can see it in your Pension Maturity Pack or online in your account, when you click on your pension details.
Check what you have in your other pension savings
Check what you have in your pension savings with other providers. Think about combining your pension savings into one place, to make it easier and more convenient to manage. If you’d like to transfer other pension savings into your Legal & General one, you can do this online in your account.
Preparing for retirement
Whether it's the different places your money could come from, to how you use it or making sure you don't miss anything - this handy checklist will help get you started.
Retirement income calculator
It's simple to use, just add your age and the amount in your pension pot below. You don't need to include any final salary pensions or your state pension.
Further information
What tax will I pay on my pension pot?
Find out more about the effect market movements could have, and your options, on our hub.
Retirement Planning Open University course
To help make sure you know all the facts, we’ve put together a short course with The Open University; ‘Retirement planning made easy’ is a simple online course taking you through the essentials.
Annuity vs drawdown - what's the difference?
Annuity or drawdown? Which is the best way to use your pension? Read our guide to the differences between your annuity and drawdown options.
Need some help?
There are different retirement income products to choose from and the rates they offer can vary. Shop around to make sure you get the best deal for your situation and use available guidance and advice services before you apply. Other providers may have more appropriate products or be able to offer a higher level of retirement income.
Retirement guidance
Pension Wise from MoneyHelper
You can get guidance from the government's free and impartial service to help make your money and pension choices clearer.
The availability of appointments can vary between a few days and several weeks, so if you need guidance, it's a good idea to book an appointment slot now:
0800 138 3944
Monday to Friday 9am to 5pm.
Calls may be recorded and monitored.
Get financial advice
We provide a retirement advice service, which can help you review what you have and need before giving you expert advice about how to make the best use of your hard earned pension savings. We will also let you know more about the costs of the service.
0808 304 6861
Monday to Friday 9am to 5pm. Calls may be recorded and monitored.
Get financial advice
Financial advisers can give you professional advice for pension planning.
You usually need to pay for their service and in return they recommend how to make the most of your pension given your circumstances.
To find and compare financial advisers please visit their website below.