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From the age of 55 (rising to 57 from 6 April 2028), you’ll be able to start taking money from your pension plan. We’re here to help you get familiar with your options and get ready to access your money.
When you access your pension savings, you can usually take up to 25% of your pension savings tax-free (you'll pay income tax on anything over your 25% tax-free amount).
Pension Tip: This is different from the state pension which you’ll start to receive from age 66 (67 for those born after 5 April 1960).
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Find the right option for you
Drawdown is a flexible way to take money from your pension pot. You can take your pension savings through regular or one-off withdrawals;
- Set up an income that you can stop, start or change at any time
- Any money that's left stays invested, with the potential to grow in a tax-efficient way, and you can choose an option that suits you.
- Pass on what's left in your pension plan to your loved ones when you die, generally free from inheritance tax
You can tailor your annuity to make sure your guaranteed income is right for you and choose how any money left over is invested.
You don’t have to start taking from your pension savings right away. Instead, you can defer it.
Let us know if you'd like to leave your money where it is and where you'd like it invested and our experts will continue to look after your savings.
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You can take some or all of your pension savings right away. You'll want to consider how much you might need in the long term, and how taking a large lump sum would affect how much tax you pay. Find out more on withdrawals.
Pension tip: You could choose a combination of two or three options.
Compare your options
| 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 money invested for now | No | Yes | Yes | Yes |
* You can use some or all to buy an annuity, if you don't use all of your money to do so, the rest will stay invested.
** Usually you can't pass on your guaranteed income for life (annuity), but you could add on options.
For example, you could choose to pay a dependant’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.
Investment options to suit your goals
If you are to remain invested once you start accessing your pension, explore your investment options with Standard Life.
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Investment funds and options
Whatever your plans, you can choose from a wide range of investment options to suit how you'd like to take your pension savings.
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Ready-made investment options
Our investment pathways are four ready-made investment options designed to support how you'd like to take your pension savings. You can choose one of our investment options to best suit your plans.
Pension tip: You can switch your investments at any time. If your plans change, you can always review your investment choice to see if it’s still right for you.
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Find a retirement option that suits you
Don’t worry if you’re not sure which option is right for you – we have some handy tools and resources to help.
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Retirement options tool
Understand how you can take your pension money in a way that suits you.
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Retirement calculator
Explore your options based on your plan’s value.
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Want to learn more?
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Retirement guides
Brush up on the basics like your retirement age, or deep dive into tax and more.
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