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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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Flexible income is a regular income that you can stop, start or change at any time. Any money that you don't take now, you can leave invested so it has the potential to grow.
You can usually take up to 25% of your pension pot tax free. Any money you take after this will be subject to tax.
Like all retirement options, there’s a lot to think about when taking a flexible income from your pension plan.
Read on as we break down all the key things to think about around flexible income.
Taking a flexible income might not be right for everyone. We’ve listed some of the main pros and cons to think about:
Not to worry, there are a few other options. Our ways to take your pension money guide explains how each of them works, breaks down the pros and cons, and has details on how to get started with your chosen option.
Ways to take your pension money
Here’s a quick comparison of how the features of each retirement option compare.
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 from your pension plan | 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 plan 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. For more information, please visit our guaranteed income for life page .
If you feel that taking a flexible income is the right option for you, here are some options to get you started.
Login to your account to set up your flexible income. You’ll also find personalised tools and guides to help you explore your options further.
Login to your account to set up your flexible income. You’ll also find personalised tools and guides to help you explore your options further.
We’ll be happy to help - either call us or log in to send a secure message through your account mailbox.
We’ll be happy to help - either call us or log in to send a secure message through your account mailbox.
If you’re not sure, we’d encourage you to seek financial advice. There’s usually a cost for this.
If you’re not sure, we’d encourage you to seek financial advice. There’s usually a cost for this.
We recommend you seek appropriate guidance or advice before you make any decisions. You can get free impartial guidance over the phone or face to face with Pension Wise.
We recommend you seek appropriate guidance or advice before you make any decisions. You can get free impartial guidance over the phone or face to face with Pension Wise.
You can transfer your existing pensions into a new Standard Life plan. This can make it easier to manage your money. You may lose important benefits by doing this so it might not be right for everyone.
We have lots of useful information that can help you prepare for retirement, and the steps you can take when you feel ready to retire.
Read our guides
We have a range of tools and calculators to help you prepare for retirement. They’re quick, easy to use and can give you useful information.
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