Things to consider before accessing your pension pot

It’s worth sitting down comfortably to carefully consider your options and what you want from your retirement.

  • Do you have more than one pension pot and have you got an idea of how much you have saved? Having multiple pensions can make it hard to find the time to manage them. Consolidating them into one place could make it easier for you to see what you have and make decisions based on your combined pension savings.

  • Are your pension savings enough to meet your retirement needs now and in the future? You can take a look at ways to prepare for retirement which will help you decide when the best time to retire for you may be. 

  • Does your current pension provider offer you a Guaranteed Annuity Rate, a Guaranteed Minimum Pension, or any other valuable benefits? If they do, then it would be a good idea to look at these first to see what you would get.

  • Do you know how much state pension you may receive?       
  • Have you thought about when you’d like to retire and what you’d like to spend more time doing?

  • Have you thought about what might happen as you get older and the help and support you might need?

It’s worth thinking about what level of certainty you’ll need around your regular income and what risk, if any, you're prepared to take with your money

See your options >

Your income in retirement will be taxable. It may be sensible to consider taking an income evenly across your retirement. Lump sums may be liable to income tax at a higher rate.

Find out more about tax in retirement >

Inheritance tax >

Common questions

Next steps

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Next steps

Need some help?

Making well-informed decisions about financing your retirement is important so it’s worth shopping around and using available guidance and advice, before you buy. Other providers may have more appropriate products or be able to offer a higher level of retirement income.

Retirement guidance

Pension Wise from MoneyHelper

You can get guidance from the government's free and impartial service to help make your money and pension choices clearer.

The availability of appointments can vary between a few days and several weeks, so if you need guidance, it's a good idea to book an appointment slot now:

0800 100 166
8am to 6.30pm, Monday to Friday.
Calls may be recorded and monitored.

Find out more about a Pension Annuity

Learn more about the features of our Pension Annuity and answers to common questions.

Get financial advice


Financial advisers can give you professional advice for pension planning.

You usually need to pay for their service and in return they recommend how to make the most of your pension given your circumstances.

To find and compare financial advisers please visit their website below.