What usually happens upon retirement?
When you reach the age you are entitled to draw your state pension at, you will receive the necessary forms to apply for your basic state pension and the various additional state pensions if you are eligible. Depending on the type of any other pension you may have, you could take a retirement income between the ages of 55 and 75. For personal pensions the amount of pension paid depends on the value of your pension policy at maturity and the annuity rates available at the time. For final salary schemes, the amount paid will depend on how it is funded, the length of service and membership you have and your salary in the years just before retirement.
