The value of your investment can go down as well as up and you may get back less than you paid in. Laws and tax rules may change in the future. Your own circumstances and where you live in the UK also have an impact on tax treatment.
Finding an option that's right for you
When it comes to taking money from your pension plan, you have a number of options. You can take a cash lump sum, set up a regular income, leave it for now and keep the money invested or a combination of all three.
There’s a lot to think about, but this quick options tool breaks down all the ways you can take money from your pension plan.
Which options do you want to sort?
Need to use your pension in retirement or prefer to leave it to family?
How much cash are you thinking of taking?
Would you prefer your income to be guaranteed for life?
Is it important you can dip into your pension or adjust your income?
How do you want to spread out your retirement income?
Click an answer above to see some ideas
Here are some options on how to use your pension pot:
This information is based on our understanding of laws and tax rules applying from April 2023. These can change in the future
Your options at retirement and the tax you pay will always depend on your personal circumstances and where you live in the UK.
This should not be regarded as financial advice.
If you want to access some of the more flexible options, you may need to move to a different pension product first.
Pensions are investments and their value can go down as well as up and may be worth less than was paid in.