You can choose when you start taking money from your pension pot. It’ll usually be when you’re 55 or older. You’ll be able to take up to a quarter of the money in your pot as a tax-free lump sum. Then you’ll have six months to take the rest of it. You’ll usually pay tax on this part.
You can pull your money out:
as cash
by buying an annuity, which will give you a guaranteed income for life or a fixed period
by opting for drawdown, to take out however much you need whenever you need it.
Your provider will talk you through your annuity and drawdown choices. If you don’t like what they’re offering, you’re free to transfer your pot to another provider.