Currently retired

If any of the customer are currently retired, the appropriate pension income fields should be completed.

Please ensure that any retirement income such as rental income or investment income (not including pensions) are also entered under the appropriate fields.

Packaging guidance:

For a private pension:

• Lastest months’ pension payslips (if paid more frequently than monthly, 3 months’ equivalent payslips), or
• Latest pension statement or annuity letter, and
• Lastest months’ bank statements

For a state pension:

• Latest DWP state pension letter, or
• Latest bank statement

Retiring within 10 years

If any of the customers are retiring within the next 10 years, their expected retirement income must be entered. We will use the lower of the expected retirement income or the current income in our affordability calculations.

The expected retirement income entered should include all income received after retirement age at the appropriately weighted amount.

Where the retirement income is coming from other sources such as rental properties or investments, please refer to the relevant page.

Packaging guidance:

Evidence of pension such as an annual statement, latest pension projection and/or SIPP valuation will be required

Retiring in over 10 years

If any of the customers are retiring in 10 years or more but within the mortgage term, proof of pension contributions or funds will be required

Packaging guidance:

Evidence of pension contributions on payslips or a pension pot