Taking lump sums from your pension pot with
The People’s Pension
One way of taking your pension pot a bit at a time is to spread your tax-free cash across all withdrawals. You can take a number of lump sums from your pension pot over time. And each time you take a lump sum, 25% of it is usually tax free and you may pay tax on the other 75%.
Different providers have different rules around taking your tax-free cash gradually.
To take this option with The People’s Pension, you need to have more than £10,000 in your pension pot with us to get you started, or £2,000 if you’ve already taken money from your pension pot.
Even once you start to take lump sums from it, the money left in your pension pot with The People’s Pension will continue to be invested. So, as with every investment, the value of your pension pot can go up and down.
How does it work?
How do I take lump sums from my pension pot?
How many lump sums can I take?
How much can I take at a time?
What if I want to continue saving as well?
What happens to the money in my pension pot if I die?
Can I mix this option with other ways of taking my pension pot?
Comparing with other providers
What are the risks?
How do I choose this option with The People's Pension?
|All your options at retirement
|Keep your money where it is
|Take it all in one go
|Take it a bit at a time
|Buy a guaranteed income or 'annuity'