One way of taking your pension pot a bit at a time is to take your tax-free cash gradually over a number of payments.
You can take a number of lump sums from your pension pot over time. And each time you take a lump sum, 25% of it is tax free and you pay tax on the other 75%.
Taking lump sums from your pension pot with The People’s Pension
Different providers have different rules around taking your tax-free cash gradually.
To take this option with The People’s Pension, you need to have more than £10,000 in your pension pot with us to get you started. And then you’ll need to have at least £2,000 in your pot to take further payments through this option.
Even once you start to take lump sums from it, the money in your pension pot with The People’s Pension will continue to be invested.
So, as with every investment, the value of your pension pot can go up and down.
How does it work?
How do I take lump sums from my pension pot?
With The People’s Pension, you have an Online Account where you can check the balance of your pension pot.
And if you want to take a lump sum from your pot, you can do that through your Online Account too. You’ll just need to fill out an online form each time you want to request a lump sum.
Or you can give us a ring – you don’t have to do it online if you don’t want to.
How many lump sums can I take?
How much can I take at a time?
What if I want to continue saving as well?
What happens to the money in my pension pot if I die?
Can I mix this option with other ways of taking my pension pot?
Comparing with other providers
What are the risks?
How do I choose this option with The People's Pension?
|All your options at retirement||Keep your money where it is||Take it all in one go||Take it a bit at a time||Buy a guaranteed income or 'annuity'|
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Where to get guidance and advice
Retirement planning = big decisions
Find out where to get help (our website, Pension Wise or LV= to name but a few).