Tap the options below for an overview of available options to you.
You can delay taking money from your pension pot to allow you to consider your options. Reaching age 55 or the age you agreed with us is not a deadline to act. Delaying taking your money may give your pension pot a chance to grow, but it could go down in value too.
Your policy can be extended to a maximum age of 75. You will need to choose one of the other options by the time you reach 75.
A lifelong, regular income provides you with a guarantee that the income will last as long as you live. A quarter of your pension pot can usually be taken tax-free and your income payments will be taxable.
You use your pot to buy an insurance policy called an annuity that guarantees you an income for the rest of your life – no matter how long you live. If you want to take an income for life, you should shop around for the best deal. If you want to take an income for life with us you must do so by age 75
You can move your money to another pension pot and take an income from it. Any money left in your pension pot remains invested, which may give your pension pot a chance to grow, but it could go down in value too.
A quarter of your pension pot can usually be taken tax-free and any other withdrawals will be taxable whether you take them as income or as lump sums.
You will need to transfer to a different pension provider to do this.
You do not need to take a regular income.
You can move your money to another 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 decide when and how much to take out. Any money left in your pension pot remains invested, which may give your pension pot a chance to grow, but it could go down in value too. Each time you take a lump sum, normally a quarter of it is tax-free and the rest will be taxable.
You will need to transfer to a different pension provider to do this.
You can take the whole amount as a single lump sum. A quarter of your pension pot can usually be taken tax-free – the rest will be taxable. You will need to plan how you will provide an income for the rest of your retirement.
You can choose this option for one or more policies individually.
You can also choose to take your pension benefits using a combination of some or all of the options over time. If you have more than one policy, you can use a different option for each policy.
