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Your options for taking your money

You can access your pension savings at your selected retirement age, or any time from the Normal Minimum Pension Age (NMPA), whether or not you’ve stopped working. The NMPA is currently age 55 but this is increasing to age 57 from 2028. You may be able to access them earlier than this if your original scheme had a protected retirement age, or if you’re in ill health. If you get close to your chosen retirement age and decide you don’t want to take your money yet. You can also delay taking money from your pension pot.

Getting help to decide

It’s important you shop around to find the best option for your personal circumstances and income goals. It’s a big decision so it’s worth comparing what each provider can offer as you don’t have to stay with Legal & General and might get better options elsewhere.

Pension WiseOpens in new tab is a government service from MoneyHelperOpens in new tab that offers free, impartial guidance about your defined contribution pension options. An appointment with Pension Wise is free and will help you understand what your overall financial situation will be when you retire. You can book an appointment once you are aged 50 or over.

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Your options under your current plan

You can choose more than one option and provider

You don’t just have to choose one option or provider. You can mix your options for each pension pot you have. You can transfer all or some of your pension pot to another provider and have your benefits paid by them. However, you may lose your entitlement to any benefits that were protected, such as the ability to combine your defined benefit and defined contributions pots, the ability to access your pot before the Normal Minimum Pension Age (NMPA) or a tax-free cash sum greater than 25% of your pot. Please check this before transferring. The NMPA is currently age 55 but this is increasing to age 57 from 2028.

The law, tax rates and any allowances may change in the future. These changes could affect the value of your savings, how much you can pay in, or the age at which you’re able to access your money.

How tax works for you will depend on your individual circumstances.


Ready to make a choice

Once you’re ready to take your money and you’ve decided which option (or options) you want to take, you can get in touch for all the information you need and any relevant forms.

We’re here to help if you have any final questions or you need any more information before you make your decision, just let us know.

We’ll write to you every five years from age 50 with a summary of your plan including its current value plus a series of risk warnings and things to think about before taking your money out.

The communications will continue until age 95 or until your entire pot is crystallised (ie you’ve started taking your benefits) whichever comes first.

Taking money from my pension

A guide to taking cash sums and a flexible income from your Legal & General pension pot.

Pension Wise

A government service from MoneyHelper that offers free, impartial guidance about your defined contribution pension options.

Retirement Advice

Personalised telephone retirement advice provided by our partners, LV=, to help you plan your retirement.