You can choose a combination of options to suit what you want to do with your retirement.
From age 55…
Your pension pot is normally available to you from the age of 55 (although this will change to age 57 from 2028).
At this age you may still be working and contributing to your pension so you can build up a larger pot of money for when you retire completely. But, if you want to cash in some or all of your pension after you reach 55, you can.
So for example, you might want to take a lump sum at 55 to pay off your mortgage or take a holiday. Then, when you reach 60 you might want to move to part-time work, so you take lump sum payments to top up your income. When you retire completely you could take an annuity to provide a guaranteed income for life.
Move to a provider that suits your needs
Not all these options are available from all pension providers.
But if your pension provider doesn’t offer the option you’re looking for, you can move your money to a different provider.