Your options with The People’s Pension

New laws allow you to take your pension in a range of ways, but not all these options are available from us.

However, you can still choose them if you transfer your pension pot to another provider who offers the option you want.

 

Taking your pension with us

top-5-icon-1Leave it invested

If you don’t need your pension pot straightaway, you can leave it invested.


top-5-icon-2Take a flexible lump sum

If you have over £10,000 in your pot, you may be able to take flexible lump sums (known as Uncrystallised Funds Pension Lump Sums) from your pension savings with us.


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Take an income from your pension pot

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


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Take a cash lump sum

If you have £10,000 or less in your pension savings with The People’s Pension, you may be able to take it as a single cash lump sum.


Note: Providers are not obliged to offer all options available.

Claim your pension online »

A note about tax

If you transfer your pension pot to another pension company and take a flexible lump sum, or you take income from an income drawdown plan, you will be subject to a reduced annual allowance of £4,000 (2017-18 tax year) – this is known as the money purchase annual allowance.

Future savings made into defined contribution pensions (like The People’s Pension or EasyBuild, our workplace pension for the construction industry) over this amount in a tax year will incur an annual allowance charge.

 

Next: Get ready to take your money

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