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Understanding investments and ways to save smarter
Manage your money with these tools and calculators
Save money for retirement and your long-term goals
Invest money flexibly with a range of investment options
Understanding pensions and planning for retirement
See if your pension savings are on track and more
Understand the different types and what you can do
Explore ways to take your savings at retirement
Get started with financial advice
Find out how you could benefit from working with a financial adviser
Speak to one of our specialist retirement advisers
Get professional advice from 1825, our financial planning business
Tips to help you start saving for big life moments and ways to keep on track with your goals
Find out how to make the most of your regular income with these helpful money guides
Learn more about retirement planning and how to take your life savings
Need to speak with us? Find the best way to contact us.
Find out how we can support a range of your needs
Learn more about our services and manage your account
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If you’ve been saving all your working life to fund your retirement, you don’t want to lose out by paying more tax than you need to. There are also some tax benefits to be aware of that can help you make the most of your savings.
There are a few different ways to help you reduce the amount of tax you pay.
Tailored Drawdown: Some pensions give you more freedom around how often you can take cash from your pot. Some let you take out cash as either phased payments of tax-free cash, taxable income or a mixture of the two.
This could help you take a retirement income more tax-efficiently. You can even change how you take your money depending on your situation. Keep in mind that you might need to get specific financial advice if you’re thinking about this option.
These tips should not be regarded as financial advice. The right approach for you will depend on your individual circumstances. If you would like financial advice you can speak to your existing adviser or arrange a consultation with one of our qualified financial advisers.
This information is based on our understanding of taxation legislation and regulations in April 2020. The legislation and regulations can change. Your personal circumstances and where you live in the UK also have an impact on tax treatment.
We have a handy guide to how your pension and retirement income is taxed. It goes into more detail around tax relief, limits and more.
We recommend you seek appropriate guidance or advice before you make any decisions. An adviser is likely to charge a fee for this. You can also get free impartial guidance over the phone or face to face with Pension Wise. Go to pensionwise.gov.uk or call 0800 138 3944 (call charges will vary). Make sure you understand all your retirement options by reading the Money Advice Service guide – Your pension: your choices .
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