In this Step we’ve looked at some of the different possibilities available to you. You need to think about which options suit your circumstances best – and bear in mind that as your circumstances change, your options will probably change too.

For example, if you are currently bringing up children there might not be much spare cash around. However, you may find that as childcare needs decrease you can increase your working hours, or perhaps use money you had been spending on childcare to save towards your pension target.

The Standard pages have looked at the options to retire later, spend less and save more. For a look at the effect of annuity rates and different types of pension, you should read the In depth pages.

Once you’ve considered all your options, you will need to make an action plan – and that’s the final Step!

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© BOC Pension Services and AHC Ltd 2012.