All your options at retirement

Managing your money effectively during retirement is really important, if it is to last a lifetime. Fortunately, changes in pension rules mean you can access your pension savings from age 55 onwards (age 57 from 2028) in a way that suits you.

How you can take your pension savings

You have four options (you can mix and match these):

  1. leave your pension savings where they are
  2. cash in a series of lump sums
  3. take an income
  4. take all your pension savings as cash.

Not all these options are available from all pension providers. But if yours doesn’t offer the option you’re looking for, you can move your money to a pension company that does.

Take a look through the retirement options below and see what might work best for you.

But first, choosing what you do with your pension savings is a big decision, so you may need some extra help – take a look at your guidance and advice options »

Your four options…



Leave your pension savings where they are

You don’t have to decide now what you want to do with your pension savings. You can leave them invested until you’ve chosen what’s best for you.

top-5-icon-2Cash in a series of lump sums

If you have over £10,000 in your pot, you may be able to cash in a series of flexible lump sums (known as Uncrystallised Funds Pension Lump Sums).


Take an income

You can buy a regular retirement income, usually for life (an annuity) with your pension savings when you retire. Or you can leave your pension savings invested and take a variable income.

top-5-icon-4Take all your pension savings as cash

Regardless of the size of your pension savings, you can cash in the whole amount as one lump sum.


Next: Mix and match your options