When you retire, you can take up to 25% of the total of your pension fund as a tax-free cash lump sum, if you wish to.

You can then use the remainder to provide a taxable retirement income in the way that best suits your own circumstances:

  • Income drawdown 
    Transfer your pension pot out of the Plan to another pension arrangement where it remains invested and you withdraw cash sums from it as and when you want to.
  • Annuity 
    Buy an insurance policy that provides a guaranteed income for the rest of your life.
  • Cash 
    Take the whole value of your pension pot as a single cash lump sum.
  • A combination of these options 
    You can mix and match your choices to suit your personal circumstances.

It’s a big decision

Deciding how best to take your benefits is a big decision. Please see our Planning for retirement section for further information and guidance.

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