Taking your benefits.

You may want to take your pension benefits earlier or later than you originally planned. Either of these options is possible, as the age you choose is flexible, within Government limits. You don’t need to stop working or reach your employer’s retirement age in order to take your pension benefits. 

However, it’s important to remember that if you take your benefits before you reach the selected retirement date, the value of your pension fund could be reduced to take into account any product charges. For those invested in With Profits, the value of your pension fund could be affected by the current market value of your investment. If you’re considering doing this, please check your terms and conditions or contact us for more information.

When the time comes, you’ll need to decide how you want to take your benefits. Your pension plan won’t automatically provide you with an income. You have to take action to convert your pension fund into an income. You can buy what is commonly referred to as a ‘lifetime annuity’ (or ‘pension annuity’). Or you may be able to take an income directly from your pension fund, which is known as ‘income drawdown’. This all depends on the type of pension plan you have and you may need to transfer to a different pension plan which offers this option.

Find out more about the retirement options available to you.