If you’re taking lump sum withdrawals, you need to take at least £200 each time. But for a regular income you need to have £1,500 to first set this up and then you must take a minimum of at least £50 per month.    

When you’re left with an amount that’s less that £200 (for lump sum withdrawals) you can take the rest of your pension savings as a final withdrawal. For a regular income your final payment may be slightly more or less than your normal income based on how much you have left in your flexi-access drawdown account, investment fund performance and how we calculate your final payment.

Find out more about taking your tax-free lump sum up front with The People’s Pension.