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 also have an impact on tax treatment.

Retirement planning explained

Need help understanding what retirement means for you and how to get the most out of your savings? Our guides, tools and services are designed to help you understand what you need to think about and where to get help making the big decisions.

Retirement guides

How much money will you need to retire on comfortably? How can you take your pension money when you retire? We have lots of information to help you plan ahead for when you choose to stop working.

  • Saving for retirement

    Find out why saving more now can make a big difference when you come to retire. This guide has tips and information that can help.

  • Ways to take your pension

    You have options when it comes to taking money from your pension. This guide can help you compare your options to help you decide.

  • What is retirement?

    A guide to retirement basics. When you can retire, what your options might be, when you can claim the State Pension.

View all retirement guides

Ways to take money from your pension savings

Our guides have the information that can help you choose the option that works best for you.

  • Guaranteed income

    Also known as an annuity. Find out how you could use your pension money to buy a regular, guaranteed income that lasts for the rest of your life.

  • Flexible drawdown

    Want to take money from your pension savings when you like and keep the rest invested? Find out how drawdown can help if you want to take pension money at your own pace.

  • Take it all as cash

    You can usually take your pension as one or more lump sums at 55 (rising to 57 from 6 April 2028). Find out how it works and the main things to watch out for, such as running out of money and more.

Retirement tools

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.

  • Retirement calculator

    Our quick calculator can help you see what you can do with your pension savings.

  • Retirement income options

    We can help you compare your retirement options quickly and at a glance. Give it a try to see what could be right for you

  • Retirement costs tool

    Do you know what your ideal lifestyle will cost after retirement? This quick and easy tool can work out an annual cost in just a few clicks.