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.

What are your options for taking money from your pension plan?

There are different ways to access your pension savings. Explore your options and think about the ones that might suit you best.

  • Flexible income drawdown

    Take a flexible regular income from your pension plan that you can change at any time. Find out how it's taxed in this guide.

  • Guaranteed income for life (annuity)

    Get a guaranteed income for life with your pension money.

  • Take cash lump sums

    You can take cash lump sums from your pension plan whenever you like. Find out how it's taxed in this guide.

  • Leave your pension plan invested

    You don't hat to take your money when you're 55. Leave it where it is and take it later.