Enjoy the income you need, when you need it
You can take cash withdrawals, set up regular income payments and make changes as often as you need to.
Take some tax-free cash
You can usually take up to a quarter of your pension savings as a tax-free lump sum*. This can be paid in one lump sum, or spread out over a series of smaller cash payments. You will also need to regularly review your funds and income to ensure your money lasts as long as it needs to.
Give your savings more time to grow
Whatever you leave in your plan will stay invested – meaning it still has potential to grow. The value of your investments can go up, as well as down. You could also get back less than what you invested.
Change your mind whenever you like
If your needs change, you can use the pension savings you have left to buy an annuity – this will pay you a guaranteed, regular income for the rest of your life.
*You may be able to take more than this if you successfully applied to HM Revenue & Customs for a greater allowance.