What would you like to do with your pension plan?

  • Keep it where it is

    You don’t have to start accessing your pension savings when you reach the date shown on your plan. You can leave them where they are until you're ready to make use of them.

  • Create a flexible income

    You have flexibility to use your pension savings as and when you need (pension drawdown). You can usually take up to 25% as a tax free lump sum and choose how the rest of your pension savings are invested.

  • Take a number of lump sums

    You can leave your money invested and take as many lump sums from your pension pot as you'd like. The first 25% of every withdrawal is usually tax free and you may pay tax on the rest.

  • Guarantee an income (annuity)

    You can use your pension pot to buy an annuity which guarantees a certain level of income for life or for a specified term.

  • Cash-in your pension

    There’s usually the option to cash-in your whole pension pot. The first 25% is normally tax free, income tax is deducted from the rest before it’s paid to you.

  • Take a mix of options

    You can split your pension savings across a mix of the different options to give a blend of income, lump sums, additional investment and more.

Handy tools to help you plan