Your options at retirement
If you're 55 or over, now could be the time to take your retirement savings
There are different ways you can take your money. You don't have to choose one option – it could be that a mix of options might suit you – and with the right information, you're in control of when and how you take your money. We're here to help you understand your options so you can take the next step to the future you'll love.
Ways to take your retirement savings
A cash lump sum
You can take your retirement savings as a single cash lump sum or you can take small cash lump sums – it's up to you. The first 25% of each cash lump sum you take is tax free. The remainder is taxable.More about taking cash
Compare your options at a glance
What do you want to do?
(A lifelong regular income)
(take a flexible income and withdrawals)
Cash lump sums
|Take tax-free cash with an income|||||||
|Take tax-free cash with no income|||||||
|Take taxable cash lump sums|||||||
|Get the security of a lifelong income|||||||
|Change my regular income as and when I choose|||||||
|Manage my retirement savings myself|||||||
|Option to automatically protect my income against inflation|||||||
Choosing a retirement option is an important decision and it makes sense to read the information on this website and seek financial advice or free and impartial guidance from Pension Wise before you make a decision.
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- help you find a financial adviser who can provide you with financial advice
- provide you with more information about the retirement choices and how they work
Whatever you want to do next, we can help.
Free, impartial, government servicePension wise
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