How to choose

With so much information and so many options available, there’s a lot to consider. The good news is there are a number of ways to get help and guidance.

Before you start, it's vital to remember you can choose from the full range of retirement products and options offered by all providers. Depending on your circumstances, age, health and lifestyle, you may be able to get a better deal elsewhere. And don’t forget, you can normally take up to 25% of your pension pot as tax-free cash.

Some of the decisions you make are “once only” decisions that can’t be undone. So before you decide, ask yourself the following questions:

  • Do you want or need to start taking a pension income now?
  • What will your living costs be once you’re retired?
  • Will your planned income cover these?
  • Do you need to make provisions for anyone else – a spouse, partner or dependant?
  • Have you shopped around for your best solution?
  • Do you think your circumstances may change in the future, and if so, what provision do you need to make for this?
  • What are you looking for from your pension income – flexibility, security, peace of mind?
  • Have you looked for free and impartial guidance – for example, from Pension Wise?
  • Have you sought financial advice?

Where can I find free impartial guidance and advice?

We strongly recommend that you take advantage of the services below before you make your decision.

Free impartial guidance

The Government offers free and impartial guidance through a selection of organisations.  They can provide tools and calculators to help you, and experts you can chat online with, call or see face to face.

Pension Wise

View - Pensions Advisory Service

Money Advice Service

Financial advice

A financial adviser can provide you with a personal recommendation to help you make the right retirement choice, for a fee.

If you don’t have a suitable adviser already, you can find one in your area at View - Unbiased

You should make sure that they're authorised by the Financial Conduct Authority (FCA) and you can check this on the View - FCA register.

The Silver Line

If you’re feeling overwhelmed or would like more general support, The Silver Line can offer information and advice.

Phone: 0800 470 80 90

Age UK

Age UK offers free and impartial advice on money matters in retirement, including pension options.

Phone: 0800 678 1174

Your next steps

Or take a look at

Our case studies illustrate some of the different ways you could use your pension pot.