What are you saving for?

Find out how and when you can take the money you’re saving in the Plan. 

You might not be ready to retire yet, but it’s never too early to find out when and how you’ll be able to take the money that you’re saving in the Plan. Knowing what your options are can help you plan for your future. 

Currently, there are three main ways to take your Plan savings. You can take a tax-free cash lump sum of up to 25% of your savings (capped at £268,275) and then use the rest to:

• carry on investing after you retire but draw an income as and when you need to (called drawdown)
• buy a pension for life (called an annuity)
• take a lump sum. 

If you want to, you can use a combination of these options to suit you. To find out more, see the Member guide.