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Retirement and debt

Retirement, your pension and debt

When you retire you should be able to wind down and relax but the change to your financial situation can make it difficult to do this.

For many people, starting retirement will mean a reduced income. You might find it's a struggle to pay your household bills, unsecured debts, or both. With that in mind, it’s important to get the right advice to help you deal with your situation and put your mind at ease.

Are you struggling with debt since you retired?

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0800 138 1111

8am to 8pm Monday to Friday, 8am to 4pm Saturday. Freephone inc. mobiles.

Retirement and your pension

If you have savings in a personal or workplace pension, you may be able to access a lump sum of money from this before retirement.If you've been struggling with debt problems and you're approaching the age where you could draw a lump sum, read more about pensions, savings and debt.

If you’ve contributed towards any private or company pension schemes, contact them to find out how much you’re likely to receive and when they are due to start.

If you’d like more information about pensions, the Money Advice Service offers advice on pensions and retirement.

Benefit entitlement

Use our free online benefits checker to see what you might be entitled to claim. Depending on your situation you could claim benefits such as pension credit, or help with your rent and council tax payments.

You may also be able to get help with your winter fuel payments or grants towards insulating your home.

Can I claim anything for free now I'm retired?

Once you reach state pension age, you’re entitled to free prescriptions and free eye tests in England.

You can get a free bus pass, wherever you live in the UK. This lets you to travel at off-peak times completely free of charge.

You’ll also be able to get a free TV licence if you’re over 75.

If we haven’t answered your question please contact us and one of our expert advisors will be able to help you.

We're here to help you with your debts

If you're concerned about meeting your payments you can use our online Debt Remedy tool, which will give you free and impartial debt advice that's tailored to your situation. If you'd prefer to talk to someone, our advisors can go through your budget and look into debt solutions with you over the telephone.