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Pensions and retirement

Frequently asked questions

When it comes to retirement planning, there are a lot of questions about what steps to take next. Please see our frequently asked questions and answers below. 


You may feel ready to finish working, but have you thought about whether you can afford it?

What have you done to prepare for it? Will you have enough during retirement?

Learn more about your options

Free, impartial money advice from the Money Advice Service about your retirement options.
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  • Q When can I retire?+-

    The earliest age at which benefits can be taken from is 55, except for members with a protected Normal Minimum Pension Age of 50. For defined benefit (DB) schemes, the Normal Pension Age (NPA) is 65. This is the age at which benefits are funded to be paid in full at. There are exceptions to this, depending on the Scheme and when the benefits were built up. If benefits are taken early, they will be reduced to reflect the fact that they are being paid over a longer period. The NPA for the Social Housing Pension Scheme (SHPS) increased to 67 for future service from 1 April 2016. Affected members have already received a communication on this. If benefits are taken before NPA, they are reduced to reflect the fact that benefits will be paid over a longer period; similarly, if benefits are taken after NPA, they are increased.
  • Q Where will my income come from?+-

    This depends on the option/s you choose.
  • Q What about other savings?+-

    You might also have other savings outside of TPT Retirement Solutions, for example – a pension you built up with a previous employer or an ISA. You may want to consider any such other savings when planning your retirement. If you think you might have a pension from a previous employer but are unsure where it might be invested or who to contact to find out more, you can use the Pension Tracing Service who might be able to help you. This is a free Government service.
  • Q What about the State Pension?+-

    A new flat rate State Pension was introduced from 6 April 2016, for people who reach retirement on or after that date. The maximum pension is currently £175.20 a week (2020/2021). For more information on the State Pension follow this link.
  • Q What will you need to spend?+-

    You may have been lucky enough to pay off your mortgage by the time you retire, or you may need to continue to pay rent. You will also have to think about what you spend from day to day and whether this might change in retirement.