We can’t provide you with advice on this matter. Pension Wise can give you guidance on your options or you may want to consider getting advise from a financial adviser.

Find out more about your guidance and advice options.

It’s important to remember you’ve been saving into your pension plan so that you can get an income in retirement. Any money you take will reduce your pension pot and therefore reduce the level of retirement income you could receive.

If you cash in your pot, this may reduce any future amount you can pay into a defined contribution pension scheme and get tax relief in the current tax year and any future tax year to £4,000.

If you have any debts, any lump sum you receive may be available to your creditor.

It’s important to consider the tax consequences of withdrawing cash from your pension pot as you could find yourself paying more tax than you expected. Taking your pension in smaller lump sums, spread over different tax years could help manage your tax liability.

Find out more about taking your pension pot all in one go.