Looking ahead

It’s helpful to look at your expected income from all sources, not just your police pension. Consider things like:

• Savings and investments
• Inheritance
• State pension
• Other pensions
• Income from any other work post retirement

The amount you need in retirement will depend on the lifestyle that you want to live.

Pensions UK has created simple ‘retirement living standards’ to help you understand what different lifestyles might cost. They give you a clear picture of what a minimum, moderate or comfortable retirement looks like.

Find out more on the retirement living standards website. You can use these as a starting point for setting a goal and adjust them to reflect your individual circumstances.

If, when you compare the income that you might receive and the income that you might need, you won’t have enough you should think about what you can do to boost your income after you stop working. Some options might include:

• Consider purchasing additional pension in the 2015 scheme before you retire
• Consider whether you have the right balance of pension and lump sum
• Check if and when you’ll receive the full state pension. Once retired it is likely to be several years before you can access your state pension
• Consider what is the appropriate retirement age for you as there is no compulsory retirement age, or any limit on maximum service
• If you are entitled to a pension from more than one scheme, consider the timing of when each pension becomes payable
• In some cases, your force may offer a retire and return scheme, allowing you to retire, take your benefits, and then return to work