Deciding how to use your pension pot
Answer the questions below to get an understanding of the key decisions you need to make when deciding how to start taking your pension.
This tool aims to help you understand some of the decisions you need to make when thinking about how to use your pension pot. It should not be considered advice and we recommend seeking guidance and advice before making a final decision.
Are you currently planning to take your pension?
You can access your pension pot any time from age 55 (rising to 57 from 2028) but you don't have to take it straight away and you don't need to take it as soon as you retire.
Retirement income products compared
Guaranteed income (Pension Annuity) | Fixed Term Retirement Plan | Cash-Out Retirement Plan | Flexible income (Pension Drawdown) | |
|---|---|---|---|---|
Can it provide a regular pension income? | Yes | Yes | Yes | Yes |
Can I choose a guaranteed income each month? | Yes | Yes | Yes | No |
Is my income guaranteed to last my whole life? | Yes | No | No | No |
Can I change how much I get? | No | No | No | Yes |
Am I exposed to market movements, up or down? | No | No | No | Yes |
Need help?
Making decisions about how to finance your retirement is important so it’s worth shopping around and making use of the guidance and advice services available:
Retirement guidance
Pension Wise from MoneyHelper
The government’s free and impartial service, offering guidance to make money and pension choices clearer for over 50s.
To find out more or book an appointment online click below or call.
0800 011 3797
Monday to Friday, 9am to 5pm.
Calls may be recorded and monitored.
Speak with us
Our colleagues in Cardiff are always happy to answer your questions or tell you about our retirement income products.
0800 048 2446
Monday to Friday
9am to 5pm
We may record and monitor calls.
Retirement advice
Retirement Advice Service from Legal & General
Our advisers are experts in retirement regulated by the Financial Conduct Authority, so you can trust them to provide impartial advice and a personal recommendation that’s right for you.
0800 048 2446
Our team is available between 9.00am and 5.00pm, Monday to Friday. Calls may be monitored and recorded.