All your retirement options at a glance
There’s a lot of information to take in about your different options at retirement. But here’s a quick at-a-glance summary of all of your options to get you started.
Your retirement options at a glance
Keep it where it is
If you don’t need your pension pot right now, you can leave it invested.
This gives you more time to save and for your pension pot to grow. But, as with all investments, there’s a risk that the value can go down as well as up.
Take it in one go
No matter how much you have in your pension pot, you can take all of it as one lump sum if you want to.
But you’ll be taxed on 75% of it like you’re taxed on your income – so by taking it all in the same tax year, you could end up with a big tax bill.
Take it a bit at a time
If you’ve got over £10,000 in your pension pot with us, you could take it a bit at a time.
There’s two different ways of doing this with The People’s Pension, depending on when you want to take your 25% tax-free cash.
Buy a guaranteed income (‘annuity’)
We don’t offer a guaranteed income or ‘annuity’ product. But if you want, you can transfer your money out to an annuity provider to get a guaranteed income.
There’s different types of guaranteed income and the amount you’re offered will depend on the options you choose.
Not all of 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.
And you don’t have to choose just one way. You can mix your options if you want.
It’s a big decision. And if you need some help understanding and choosing between your options, you’ll need to know about your guidance and advice options too.