If you want to take a tax-free sum but leave the remainder of your pension pot invested, you’ll need to designate your fund for flexi-access drawdown. If you choose to access your savings through flexi-access drawdown, you must take the 25% tax-free lump sum up front and leave the remainder invested. Every withdrawal you then make will be taxed as earned income at the highest rate you pay.

Find out more about taking your tax-free cash up front