On 6 April 2015, new flexible rules for how you can access your pension pot came into effect. The changes introduced give you the freedom to choose how you use your pension pot if you are aged 55 or over AND have a defined contribution scheme.
This added flexibility means when you decide to take the money from your pension pot, you can take it all, take part of it, move it around or leave it where it is.
It's important for you to understand there might be implications to your tax and State benefits. You'll also need to ensure that you have enough retirement income to live on.
To help you understand what your options are and how they work, the Government offers a free and impartial pension-guidance service called Pension Wise. You can find out more on How to Choose.
We strongly recommend that you take advantage of this service before you decide what to do.
Pension Guidance and Advice
We strongly recommend that you seek guidance from the Government’s free and impartial service Pension Wise.
Find out more about guidance or advice
Remember, it’s important to shop around and get as much guidance and advice as you need before you make any decisions on what is best for you. Other providers may have more appropriate products or be able to offer a higher level of retirement income.