Accessing your money
Can I delay accessing my pension pot?
Yes, if you don’t want to take an income or lump sum from your pension pot – for example, if …
Can I change my selected retirement age?
With The People’s Pension you can change your selected retirement age as long as it is your normal minimum pension …
When can I take my pension?
Under HM Revenue & Customs (HMRC) rules, pension savings cannot normally be taken until your normal minimum pension age. If …
I want to take my pension savings, but I don’t need financial advice, can I do this?
Yes, you don’t have to take financial advice before you take your savings – it’s entirely your choice. However, we …
How do I protect my pension income against inflation?
To protect your income against inflation, you can ask for your pension to increase in line with the Retail Price …
How often will my pension be paid?
You can normally specify the frequency of your payments – monthly, quarterly, half yearly or annually. The frequency of payments …
I want to take a lump sum from my pot. How do I avoid as much tax as possible?
We are not able to give advice. However, you can stagger your pension withdrawals over several tax years rather …
Can I take my whole pot with The People’s Pension as a lump sum and how much would I be taxed?
Yes, usually from age 55, you can take your whole pension pot and use it however you want. However, there …
I’m over 55 and want to take a lump sum from my pension pot to give to my children now. Can I do this?
Yes – you can do this, but we recommend that you seek financial advice about any inheritance tax implications. You …
If I decide to access my pension pot, will my state benefits or housing benefits be affected?
The amount of money that you take from your pension pot could affect any state or housing benefits that you’re …