Calculators Contact Us Register Login Prudential Financial Advice Pensions & Retirement Investments Funds Insurance Help for Existing Customers Taking some money from your pension One of the benefits of your pension is that you can take some of your money as and when you need it or you can set up to take a regular amount, or a bit of both – the choice is yours. But before you do anything you need to think about how long your money will last and if taking money out will affect any other income you get. We always recommend you speak to your adviser before making any changes to your investment/pension. Some things to think about How long will your money last? This depends mainly on how much money you take out and how your funds are performing. Taking a higher income or a lump sum increases the risk of your fund running out sooner. So, it may not last as long as you, and your loved one, need it to. How much tax will you pay? Taking money out might mean a change in the tax you pay. You should also know that tax rules can change. How much are you still paying into your plan? Taking money out of your pension pot sometimes triggers a limit on how much can be paid into it in the future. Find out more about the Money Purchase Annual Allowance. How your other benefits could be affected? Taking money out could mean certain state benefits that are based on your income or savings could be reduced or stopped. This applies to benefits like housing benefit or income support and if you have any debts, the creditor may have rights to any cash you take. Do you want to leave money to a loved one ? By increasing your income or taking a lump sum there will be less to leave behind to a loved one. What to do now We always recommend you speak to your financial adviser before changing your income or taking a lump sum. If you don't have a financial adviser you can find one here. Want to take money out Use our calculator to see how taking money out of your pot can impact how long your money might last. Change my income or take a lump sum If you need help We can answer any questions you have, but we can’t give financial advice 0808 234 2372. We're here 9am - 5pm, Monday - Friday. If you're calling from abroad +44 1786 448 844. Speak to a financial adviser If you don’t already have a financial adviser, we can help. Book a no-obligation financial review with one of our advisers in your area. We offer restricted advice. Find out more Popular links Emergency tax calculator Income tax calculator Options for taking your money Where can I learn more? Find an independent financial adviser in your area to help you in your future pension planning. Visit www.unbiased.co.uk and enter your postcode. We recommend you use Pension Wise, a free impartial guidance service from the government to help you understand your options at retirement. Visit pensionwise.gov.uk or call 0300 330 1001 to book a phone or face-to-face appointment. Visit the www.hmrc.gov.uk to get information on tax rules and legislation which may affect you if you are saving, investing, or have a pension plan. Explore Home Pension & Retirement Investments Funds Independent Governance Committee Insurance Help for Existing Customers Financial Advice About About us Corporate Responsibility Careers Media hub Complaints data Modern Slavery Statement Sustainability Disclosures Whistleblowing Site information Security and scams Legal information Glossary Site map Accessibility Cookie policy Data Protection - How we use your personal information Prudential websites PruAdviser (for financial advisers only) M&G plc Prudential International Employers Trustees Corporate advisers Employees Contact us Call us Write to us Email us Speak to an adviser © Prudential 2021 Website disclaimer "Prudential" is a trading name of Prudential Distribution Limited. Prudential Distribution Limited is registered in Scotland. Registered Office at Craigforth, Stirling FK9 4UE. Registered number SC212640. Authorised and regulated by the Financial Conduct Authority. Prudential Distribution Limited is part of the same corporate group as the Prudential Assurance Company. The Prudential Assurance Company and Prudential Distribution Limited are direct/indirect subsidiaries of M&G plc, a company incorporated in the United Kingdom. These companies are not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in the United Kingdom. This website uses cookies Our website uses cookies. They are used to provide this digital service for you. In addition they help us to understand website performance, create relevant advertising & to personalise aspects of the online experience for users. For further Information about cookies and how we use them please see our Cookie policy page. Reject All Accept All Cookies Cookies Settings