Retirement - Who do we tell?

Langtang

My wife and I handed our notice in at work a month ago, and we finish up just before Christmas. We’re almost 59, and have been thinking about it for a while now. We know we’re doing the right thing.

Who do we need to tell that we have retired? Insurance companies?, Bank? etc. We’ve no idea who, if anyone, we need to tell?

Alter_ego

Nobody, just do it. Your pension provider might be one to tell though.

lisyloo

Congratulations.
I would say insurance (home and motor).

comeandgo

I just told HMRC.  Anything else, like car insurance, I just updated if necessary at renewal.  I also had to tell charities I donated to as my tax status changed from a tax payer to not tax payer.

Savvy_Sue

With insurance, you might want to be aware that costs might increase, even if you think it makes you a better risk. Cars, for example, you might no longer be commuting to a busy area, but the insurer might not see it that way. Although consider if you'll be driving less (and can reduce you annual mileage), and whether you still need business cover which some companies charge extra for.

lisyloo

Id say it’s a material fact for insurance and not adequate to let them know at renewal. You will have signed up to inform them when your circs change. Home wise it may be better but regardless of whether it’s better or worse you need to inform. Yes consider mileage and cover e.g business, commuting when making a change.

blue.peter

Hmmm. You've got me thinking. I didn't tell anyone apart from friends and family when I retired. On reflection, perhaps I ought to have told my insurers. It's a bit late now - I've applied for new policies on both home and motor since then. And new bank accounts and credit cards. So I don't think that there's anyone left who ought to know but doesn't.

I see no need to tell HMRC, as suggested by another responder - they'll find out all they need to know automatically. Having said that, it might be helpful (to you) to apply for a tax rebate if one is due because of a reduction in your income. You'll get the money more quickly if you do. This is particularly true if your income ceases part way through the tax year and you won't be drawing your pension until 6 April or later (i.e., in the next tax year - or even the one after that).

Congratulations. I hope that it all goes well for you.

JGB1955

I didn't tell anyone... hadn't even thought about it.

lisyloo

If you don’t need to claim on your insurance it will be fine,
so it’s one of those things that’s fine……until it isn’t

i wouldn’t say it’s a major factor …..like changing your Corsa for a Ferrari, but you are meant to tell insurers when your circumstances change and everyone will have signed up to this.

maisie_cat

Insurance is the only thing I wouldn't risk not doing, it is material. Our insurances haven't changed much but I would not want to risk giving an insurance company any excuses.

Langtang

Alter_ego said:

Nobody, just do it. Your pension provider might be one to tell though.

Thanks for that. I won’t be drawing on my pension straight away, and my wife can’t until 60 (NHS) but doubt it would do any harm telling mine in advance. 

Haha, I’m reminded of that advert with the Arnie S talking head. Do it. Do it now.

blue.peter said:

I see no need to tell HMRC, as suggested by another responder - they'll find out all they need to know automatically. Having said that, it might be helpful (to you) to apply for a tax rebate if one is due because of a reduction in your income. You'll get the money more quickly if you do. This is particularly true if your income ceases part way through the tax year and you won't be drawing your pension until 6 April or later (i.e., in the next tax year - or even the one after that).

Congratulations. I hope that it all goes well for you.

Thanks, we hope so too. Yes, stopping part way through the tax year may induce a rebate. Better to be proactive I guess. We won’t be drawing pensions until at least 2023 and potentially 2028, so I would imagine there would be some kind of rebate due. Thanks. 

lisyloo said:

If you don’t need to claim on your insurance it will be fine,
so it’s one of those things that’s fine……until it isn’t

Thanks for responding. Indeed insurers were on our shortlist to inform. 

maisie_cat said:

Insurance is the only thing I wouldn't risk not doing, it is material. Our insurances haven't changed much but I would not want to risk giving an insurance company any excuses.

Absolutely. Your claim has failed due to section 4, subsection 2a, paragraph 2, line 4, 3rd word in. As you say, any excuse with them. Thanks.