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.
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 using available guidance and advice, before you buy.
Retirement guidance
Pension Wise from MoneyHelper
The government’s free and impartial service, offering guidance to make money and pension choices clearer.
To find out more or book an appointment online click below or call.
0800 138 3944
8am to 6.30pm, Monday to Friday.
Calls may be recorded and monitored.
Speak to us
Our colleagues in Cardiff are always happy to answer your questions or help you apply for a quote.
0808 189 9551
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.
0808 304 9155
Our team is available between 9.00am and 5.00pm, Monday to Friday. Calls may be monitored and recorded.