Pensions Awareness Week: Are you prepared for your retirement?

This Pensions Awareness Week, Norfolk Citizens Advice is urging people across the county to get to grips with their pensions early, after new figures reveal the organisation has helped with more than 2,000 pension-related issues over the last five years.

Stuart Dark MBE, Director of Partnerships and Philanthropy, at Norfolk Citizens Advice, spoke to Chris Goreham on BBC Radio Norfolk this morning, sharing his top tips on how to prepare for retirement and get the most out of your pension.

"The more you think about it in advance and prepare, the better you can get your pension to work for you when it comes in," Stuart said.

He also shared a personal story from the very start of his career. "I remember when I started employment at 18 and I was asked if I wanted to opt into my workplace pension scheme. While it feels like an awfully long way in the future, we want people to get advice early, so they're actually set up when that time comes. For most of us, it comes quicker than we think."

Pension-related enquiries make up a significant part of the advice Norfolk Citizens Advice provides, with 8% of clients seeking help relating to their pension.

When can you start getting your pension?

Most people will have both a state pension and a workplace or personal pension.

You can claim your state pension once you reach state pension age. You can check when you'll reach this age at gov.uk.

The earliest you can currently start taking a workplace or personal pension is age 55, though this minimum age is rising to 57 from April 2028, so it's worth checking with your provider. You may be able to access your pension sooner if you're retiring due to ill health.

What should you do when you reach retirement age?

It's a good idea to start planning as you near retirement. Most importantly, you'll want to work out what money you'll have coming in. To do this, check:

• Your state pension amount – you can check this on GOV.UK

• Your workplace pension amount – whether it's a one-off lump sum, monthly payments, or a combination of the two. Contact your pension provider to find out

• Lost pensions from previous jobs – if you've had multiple jobs, it's worth tracking down any providers you've lost touch with. The Pension Tracing Service can help

• If you have a personal pension – get financial advice on what's best for you, so you understand how you can take your pension

• Your budget – once you have an idea of what you'll be receiving each month, think about your spending and create a budget. There are plenty of free budgeting tools available online to help

Other things worth checking

• Benefits – if you receive benefits, let your benefit provider know when you plan to retire, as you may need to claim a different benefit or your payments could change

• New entitlements – check whether you're entitled to any new benefits, such as Pension Credit, Council Tax Reduction, or Carer's Allowance (if you regularly care for someone living with a disability or illness)

• Your mortgage – if you have one, check what's left to pay and seek financial advice on the best course of action before you retire

A word of warning: pension scams

Stuart also used the interview to highlight a growing concern. "We've seen a real increase in pension scams since the legislation changed in 2015, allowing people to take their pension out as a lump sum. Please be careful with your retirement money, and make sure you receive professional and helpful advice."

Pension scams have become more common since April 2015, when new rules allowed people to take some or all of their pension pot as a lump sum. These scams involve fake investments designed to con you out of your hard-earned retirement savings. They can be extremely convincing, and anyone can be caught out, so stay alert and always seek advice before making decisions about your pension.

If you need help or advice

We recommend the MoneyHelper website, which offers further guidance on all things pension-related. If you're aged 50 or over, you can also use their Pension Wise service.

You can contact Norfolk Citizens Advice by visiting our Get Advice page. Our advice is confidential, impartial and free.