Keep your pension savings where they are

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.

Heritage Equitable Life customers

If you have a UK pension, there is no maximum age by which you need to take your money.

If you are a member of a Group Pension Scheme you should check the options available to you with your Trustees.

Customers already with Utmost before 1 January 2020

Your policy can continue to a maximum age of 75. You will need to choose one of the other options by the time you reach 75.

Please read about Pension Scams and Pensions Advice.

Find out about your other options.

Tap the options below for an overview of available options to you.

Keep your pension savings where they are

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.

Find out more

Use your pension pot to get a guaranteed income for life

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 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.

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Use your pension pot to provide a flexible retirement income

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 do not need to take a regular income.

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Take your pension pot as a number of lump sums

This allows you to take lump sums from your pension pot as and when you need, from age 55. 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.

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Take your pension pot in one go

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.

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Mix your options

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 may be able to use a different option for each policy.

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