The new rules provide the flexibility to access your pension savings in a way that suits your retirement plans. Read our quick case studies for more on how the new pension rules could work for you.
Quick case studies
Omar works full-time and plans to stop work completely at 65.
As the State Pension age has started to change from age 65 to 66, Omar will need to wait until he reaches his State Pension age before he is able to claim his State Pension.
He has three pension pots he has saved up with three different employers.
He plans to merge two of the larger pots together to create a fund that will provide him with a regular income. The smaller pot he wants to cash in to buy a new car.
Pete plans to retire next year at 58.
He’s saved into his pension since he was 20 and has built up a reasonable pension pot.
He’s recently been unwell so wants to spend more time with his family. He plans to take a lump sum from his pension for a family holiday then take a regular income.
His ill health will help him secure a good level of guaranteed income from an annuity.
Sue enjoys her job but wants to go part-time from the age of 60 and retire at 65.
She plans to take a small lump sum from her pension to pay off her credit card and then another lump sum and a regular income when she stops working.
In the meantime, she continues to make payments into her pension pot.