However, due to the increase in the State pension age and people having wider and more varied careers, when and how you withdraw money from your pension has changed considerably. The first factor affecting when you can withdraw your pension is your age. Generally, you'll need to wait until you're 55 to access your private pension - this includes most defined contribution workplace pensions.
You won't be able to access your State pension until you reach State pension age - currently Remember, the UK retirement age is set to rise for future generations.
If you don't need to take an income from your pension, you can always leave your pot invested. You can also continue to pay into your pension - however, there are limits if you continue paying into one pension while making withdrawals from another. For more on your retirement options, check our guide to withdrawing your pension. We recommend that you speak with Pension Wise part of the Money and Pensions Service to help you understand the tax implications of accessing your pension, as well as any impact on State benefits.
You can book an appointment as soon as you are aged 50 or over and meet with someone face-to-face or speak to them on the phone. You may also wish to speak to a financial adviser who can help you plan your retirement.
You can find one in your local area over at Unbiased. Just log in to your Online Account and fill in the details. And if your circumstances change, you can change your beneficiaries.
There are people out there with a variety of tricks up their sleeves to try and hook you into transferring your pension funds into bogus schemes. Learn more about protecting yourself from pension scams. Cookies in this category are necessary for the site to function normally, so cannot be turned off. These cookies are used to help us improve the performance of some or all pages on our website. For instance, we use Google Analytics to look at how people navigate through our website and use this to make improvements.
These cookies are used to enable certain functionality on our site such as personalisation. Disabling may lead to a poorer browsing experience. These cookies will be used to track your preferences and only show adverts relevant to your interests. Skip to content What are you looking for? You can change your cookie settings at any time. Most personal pensions set an age when you can start taking money from them.
Ask your pension provider which options they offer they may not offer all of them. You might have to pay a higher rate of tax if you take large amounts from your pension pot. You could also owe extra tax at the end of the tax year. Your pension provider might charge you for withdrawing cash from your pension pot - check with them about this.
You might be able to buy an annuity from an insurance company that gives you regular payments for life. You can ask your pension provider to pay for it out of your pension pot.
The amount you get can vary. Investment outlook. Retirement planning Choosing income options. What you need to think about first Taking money out of a pension is a major decision. It may help if you take a look at our tools and calculators , and ask yourself the following questions: Have you considered all of your retirement income options?
We will send you information about the options that are available to you six months before your retirement age. You then have the option of setting up a guaranteed income for life an annuity with the rest, or you can withdraw your money as one or more lump sums, or take a flexible or regular income.
Not all pension plans offer all these options. You should get impartial information on retirement income options from the free Pension Wise service - either visit the Pension Wise website or call them on How much are you going to withdraw and will this leave you with enough money to live on for the rest of your life? A guaranteed income an annuity will last for as long as you live, but if you withdraw lump sums from your pension or take a flexible or regular income, there is no guarantee that the money in your pension will last as long as you need it to.
When planning a withdrawal, you should think carefully about how much you need to live on in later years. You may want to explore our Retirement Budgeting Calculator , which will help you work out how much you may need. How will you invest the money that is left in your pension? Unless you withdraw all the money in your pension in one go, you will have some left in the account, and you need to decide how you would like to invest it.
You will have the same range of funds to choose from as before your withdrawal. If you decide just to take tax-free cash, you will have a Pension Drawdown Account, which may also give access to four Investment Pathways , each of which is based on a different retirement income objective. Have you thought about taking personalised advice on what is the right option for you? We can give you information about your options but we cannot tell you what you should do.
Requesting your withdrawal Once you have decided to make a withdrawal, you should call us on 3 68 68 73 between 8am and 6pm on a UK business day. How long will your withdrawal take? Choosing income options FAQs What are my income options at retirement? You can keep your pension pot where it is You can delay taking money from your pension pot to allow you to consider your options.
You can take your whole pension pot in one go You can take the whole amount as a single lump sum. You can take your pension pot as a number of lump sums You can leave your money in your pension pot and take lump sums from it as and when you need, until your money runs out or you choose another option.
You can take a flexible retirement income You can leave your money in your pension and take an income from it.
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