A pension is a long-term investment. Its value can go down as well as up and could be worth less than was paid in. Laws and tax rules may change in the future. Your own circumstances and where you live in the UK will also have an impact on tax treatment.

Your options to consider

We want to help you feel confident when it comes to making the right decisions about your pension plan so we hope you found your recent call with us useful.

Below you’ll find more information on the options we discussed and where to find further support.

1. How to take money from your pension plan

Take a look and think about which one may be right for you:

Take your pension flexibly image Take your pension savings flexibly

Access your pension plan flexibly through one-off or multiple lump sums or a regular income

Take your pension flexibly (240KB)

Take a guaranteed income image Take a guaranteed income for life (Annuity)

This means setting up an annuity, providing a regular income for life

Take a guaranteed income (265KB)

Take all your pension money in one go image Take cash lump sums

You can take cash lump sums from your pension plan whenever you like. 25% is usually tax-free.

Take all your pension in one go (125KB)

Our retirement calculator can also help you understand and explore your options.

2. Bringing your pensions together

If you have more than one pension, you may find it helpful to bring them together so you can manage everything in one place. This may not be right for everyone but if you think this might be right for you, read our Transfer my Pension guide.

Read our transfer my pension guide

3. Further support to help you plan

If you're still unsure what's right for you, consider getting financial advice. Although there is likely to be a cost for advice, it could save you money in the long run. If you don’t have an adviser, you can learn more in our guide at standardlife.co.uk/financial-advice or to find a financial adviser in your area visit unbiased.co.uk .

If you're 50 or over, you can also get free impartial guidance over the phone or face to face with Pension Wise. Contact them on 0800 138 3944 or visit pensionwise.gov.uk .

Or you can make use of the The Money Advice Service’s tools and calculators for free and impartial guidance at moneyadviceservice.org.uk or contact them on 0800 138 7777.

Priority plus image

Priority plus

As a valued Standard Life customer you have direct access to our dedicated team of pension experts.

Whatever questions you have about pensions, the team is here to help.

Call charges may vary.

Priority plus image

Priority plus

As a valued Standard Life customer you have direct access to our dedicated team of pension experts.

Whatever questions you have about pensions, the team is here to help.

Call charges may vary.

Managing your pension money online image

Managing your pension money online

Keep track of your pension plan using our online services or handy Mobile App.

Don’t have an account? Sign up

Managing your pension money online image

Managing your pension money online

Keep track of your pension plan using our online services or handy Mobile App.

Don’t have an account? Sign up