If you’ve already started taking money from your pension it’s important to understand how to manage the rest of your pot well. That means understanding how to keep an eye on your plan, how to make your money last and being tax savvy.
Check how long your money could last
You’ve planned for and invested in your future, so it’s important to make sure your pension pot doesn’t run out and that you know how long it could last.
Once you’ve started to withdraw your pension savings, it’s important to regularly review your plan. Our easy to use online retirement review will help you:
- Check your plan value
- See how long your money could last
- Check if your investment choices are still right for you
Simply login, click on My Retirement then Review Your Plan. You can use this review if you have an Active Money Personal Pension with us and have started taking money from it.
If you don’t have this type of plan with us don’t worry. You can also discover how to make your money last by reading our article that explains the things you need to consider.
Managing your tax and allowances
When it comes to taking money from your pension, it can really pay to understand how it’s taxed and what your different allowances are. We’ve created a number of guides to help you get to grips with tax and allowances.
Taking cash from your pension
You can normally take cash from your pension after you reach 55 (may be subject to change). A quarter of your pension pot is usually tax-free, and you’ll pay income tax on the rest. You can take a lump sum from your pension at any time. But it’s important you understand the impact of taking cash from your pension.
You can find out more about taking cash from your pension in our full guide.
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Unsure what to do next?
Visit our Expert Advice page
Getting a better understanding of your finances and speaking with an expert is a great way to build your confidence and help you make the right decisions.Learn more about how advice could help you >