"Turning 75 can feel like a major milestone in retirement planning, but it is also an age surrounded by pension myths," says Richmond Financial Advice.

It added: "For many people in Teddington approaching or enjoying retirement, the important question is not whether a pension suddenly changes at 75, but whether their existing arrangements still suit their income needs, family circumstances and wider financial plans."

Does your pension stop at 75?

Richmond Financial Advice said: "No. Reaching 75 does not, by itself, mean you must cash in a pension or stop receiving an income.

"What happens depends on the type of pension you have. A defined benefit pension, for example, generally pays an income under the scheme rules, while a defined contribution pension may remain invested, provide drawdown income or have been used to buy an annuity."

Why is 75 often mentioned?

According to Richmond Financial Advice, age 75 matters in certain pension tax and death-benefit rules.

It said: "In broad terms, the income tax treatment of inherited pension benefits can differ depending on whether the member dies before or after age 75.

"That does not mean all pension money automatically becomes taxable at 75, or that beneficiaries will necessarily receive the same amount. The type of benefit, how it is paid and the applicable rules all matter."

What about leaving a pension to your family?

Richmond Financial Advice says that it is "worth checking whom you have nominated to receive any pension death benefits and whether those nominations still reflect your wishes. Pension scheme trustees or providers may retain discretion over payments".

It added: "Rules around pensions and inheritance tax are also changing, including planned changes from April 2027, so older assumptions about how pensions pass on should not be treated as permanent."

Three things worth reviewing

Richmond Financial Advice advises Teddington residents to first consider how much income you need now and later in retirement.

It said: "Second, review the balance between cash, investments and pension withdrawals, including the effect of market falls and inflation.

"Third, check your beneficiary nominations and how pension arrangements fit with your will and other estate-planning documents."

A local conversation can help

For Teddington residents, according to Richmond Financial Advice, retirement planning is rarely about one birthday. It is about maintaining a sustainable income while keeping enough flexibility for unexpected costs and family priorities.

Richmond Financial Advice helps clients consider pensions within their wider retirement plans.

You can learn more via Richmond Financial Advice's website here.

This article provides general information, not personal financial or tax advice. Pension, tax and inheritance rules depend on individual circumstances and can change. Any decision to access or transfer pension benefits should be considered carefully, particularly where valuable guarantees may be lost.

Richmond Financial Advice Ltd is a sponsor of Nub News.

Without their community-minded sponsorship, we wouldn't be able to bring you local news free from overly-intrusive ads, pop-ups and clickbait.

Richmond Financial Advice Ltd is an Appointed Representative of ValidPath Limited which is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 197107. Company Registration No: 15566658. Registered in England and Wales. Registered office address: 54a Church Road, Ashford, Middlesex, TW15 2TS.