Spend - Taking your pension

Taking your pension

When it comes to using the pension pot you've built up over the years you've got more flexibility than ever before. Find out what your options are, and what you need to think about when it comes to tax and the State Pension too.

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Am I entitled to the state pension?

Don’t forget about your state pension! This can make up a crucial part of your income when you retire, so it’s important to know what you might be entitled to, and when you can start receiving it. Click below for more information.

Are my details up to date?

As you start to plan your retirement, it’s a good idea to check that your beneficiaries are up to date and that your target retirement age matches your plans.

To check your personal details and to make any changes, simply log in to your online account.

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  • What are my options for accessing my pension?

    Did you know there’s more than one way to take your pension? When you're ready to start accessing your pension you can choose from a number of options:

    1. Take your whole pot in a single cash lump sum. You can take all your pension savings as a one-off cash lump sum, with 25% tax free
    2. Take a series of lump sum payments from your pension pot. You can take lump sums directly from your pension pot, a bit at a time, and 25% of each withdrawal you make will be tax free
    3. Draw a flexible retirement income - also known as flex-access drawdown. You can take your 25% tax free cash up front and move your taxable pension savings into a drawdown product to carry on investing.
    4. Purchase an annuity. You can use your pension savings to buy an 'annuity' that'll give you a guaranteed regular income, either for the rest of your life or up to a specific age or date. If you choose an annuity, you're still able to take 25% of your pension savings tax free

    To find out more about these options and how they work, click the link below.

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How can I learn more?

If you want to find out more about how pensions, investments and retirement work, our Pensions Learning Hub is for you!

Our Pensions Learning Hub contains a mixture of video guides and live online seminars, designed to guide you through your pension journey – from the start of your career until retirement. There are even dedicated sessions on mid-life pension planning and how to make sense of retirement and understanding your options.

Can I talk to someone about my retirement plans?

As you approach retirement, there are a lot of things to consider when it comes to taking your savings and you might not know quite where to begin. Thankfully, the Government offers a great free service called Pension Wise that can take you through your options and help you make the right decisions.

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What if I want more help?

Do you feel like you want more help understanding your pensions, or assistance with working out how much you need to save for the future? If this sounds like you, you might benefit from financial guidance, or even an appointment with a financial adviser.

For more information on financial guidance and financial advice, including what the differences are and how you can access them, click below.

Could you spot a pension scam?

Pension scams are fraudulent schemes that promise high returns or other incentives in exchange for your pension savings or personal information. They’re becoming increasingly common, so it’s important to know the signs.

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