Whether you're saving for life in retirement or want to save money for long-term goals, our guides, products and tools can help you save efficiently for the future. From Stocks & Shares Individual Savings Account (ISA) to personal pensions there's a range of options for your needs.
Savings homeInvestment homeAlready with us?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
Pensions are a tax-efficient way to save for retirement. We can help you get a pension plan, prepare for retirement, and understand the ways you can take your pension money when you come to retire.
Pensions homeRetirement homeAlready with us?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
We believe good financial advice can make a difference when it comes to achieving your goals. In this section you can find out what you could gain from taking financial advice, when you might need it and how to find the right adviser for you
Advice homeGet 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
Our helpful articles are full of tips and information to help you make the most of your money. Whether you're starting to save for life's big moments or you're getting close to retirement, there's something for everyone.
Life stages homeMoneyPlus homeTips 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
Whether you're an existing customer or new to Standard Life, we're here to help you. We have information to help you contact us, get the most out of our website and find the information you need.
Contact & Help homeNeed to speak with us? Find the best way to contact us.
Find out how we can support a range of your needs
Quick answers to your questions
Learn more about our services and manage your account
This field is required
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
We use cookies when you visit our websites to give you the best experience possible and to keep things secure.
We'd also like your consent to set other cookies to help us further improve our website and to tailor the marketing you see on apps and other websites you visit.
Select "Accept all" to agree to all cookies, or "Manage" to choose which cookies we use.
You can usually start taking lump sums from your pension plan once you reach age 55 (subject to change). You decide how much to take and when to take it, you can even take the full value of your pension plan in one go. It's worth remembering that you can run out of money if you take too much, or if you live longer than expected. How long your money lasts also depends on how your investments perform.
There are other ways to take money from your pension plan. You can set up a guaranteed income for life (annuity) or take a flexible income (drawdown) at any time. We’ve compared the different options below to help you decide what’s best for you.
25% of your pension plan is usually tax-free, and the rest is subject to income tax. The amount of income tax you pay depends on your total income, your personal circumstances and where you live in the UK. It can pay to be tax savvy.
Your total income includes money you receive from your pension plan, employment and other taxable sources.
To help you get an idea of how taking cash might impact your tax bill, we’ve put together this handy breakdown.
If your pension pot was worth £100,000 then £25,000 would be tax-free and £75,000 would be subject to tax.
Keep in mind: The examples below are based on a pension pot of £100,000, not living in Scotland, and have no other income.
If you take your tax free cash in year one and then take your taxable income out over two tax years, you may be able to take advantage of your personal allowance each year and you could prevent your income from falling into the higher rate tax band. You could get £90,000 in your hand and pay a tax bill of only £10,000.
If you take your taxable income out over three tax years, you may be able to take advantage of your personal allowance each year and you could prevent your income from falling into the higher rate tax band. You could get £92,500 in your hand and pay a tax bill of only £7,500.
Before you start taking cash, there are a few other key things to think about to help you make the most of your tax allowances and to help make your money last longer.
Here's how it compares with other ways you can take your money:
Option | Will you get a guaranteed income for life? | Does your remaining money stay invested? | Can you access your money at any time? | Can you pass on what’s left after you die? |
---|---|---|---|---|
Take a flexible income | No | Yes | Yes | Yes |
Take one or more lump sums | No | Yes | Yes | Yes |
Buy a guaranteed income for life (annuity) | Yes | No | No | No* |
Leave your pension invested for now | No | Yes | Yes | Yes |
*Usually you can't pass on your guaranteed income for life, but you could add on options. For example, you could choose to pay a spouse's pension after you die, to keep paying the income for a guaranteed period or to include value protection, which provides a lump sum death benefit. For more information please visit our annuity page.
Don’t worry; we have some handy tools that can help. They’re quick and easy to use, and can help you make a more informed decision that’s right for you.
Our Retirement Pathfinder tool can help you understand how you can take your pension money in a way that suits you.
Our Retirement Calculator can help you explore your options based on your pension’s value.
If you feel that taking cash from your pension plan is the right option for you, we have a few next steps to help you get started.
Login to take cash from your pension. You’ll also find personalised tools and guides to help you explore your options further.
Login to take cash from your pension. You’ll also find personalised tools and guides to help you explore your options further.
Our team will be happy to help you.
Choose the phone number for your type of pension and give us a call or log in to send us a secure message through your account mailbox.
Our team will be happy to help you.
Choose the phone number for your type of pension and give us a call or log in to send us a secure message through your account mailbox.
We have useful information, guides and tools that can help you get ready for retirement.
Read our guides
Look at your options
Visit MoneyPlus