Your options for taking your money
Choosing to take your money from your pension pot is one of life’s big decisions. You’ve worked hard and paid in money over the years. You’ll want to be sure you’re making the right choice so that your future is secure.
You can access your pension savings at your selected retirement age, or any time after age 55, whether or not you’ve stopped working. 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.
The SAUL Rules say that you can’t continue to work for a SAUL employer after retiring from SAUL. If you think this might affect you, it’s best to speak to your employer before making any decisions.
Remember that if you’re a SAUL member for more than three years, you’ll also have a different type of pension based on your salary. You can find out more about your options at www.saul.org.uk.
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 Wise is a government service from MoneyHelper 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.
Personalised advice
You can also choose to receive personalised advice from a financial adviser. You can find one in your local area at unbiased.co.uk. Advisers usually charge for their services.
unbiased.co.uk
Find a financial adviser in your local area at unbiased.co.uk.
Your options under your current plan
Options available to you within your current plan
Things to consider
Buy a guaranteed income (an annuity)
You can use some, or all of your pension pot to buy a guaranteed income, for life or a fixed number of years.
- You can usually take up to 25% of your pension pot as tax-free cash. Each annuity payment will be taxed as income.
- Smokers and those in poor health usually get better rates because of their shorter life expectancy.
Leave it
You can leave your pension pot where it is. We’ll continue to manage your money in the same way we have been, unless instructed otherwise.
- Your money has the chance to grow but it could go down in value too.
- We’ll automatically extend your retirement age by five years. You can still access your pot in this period.
- You should review your retirement plans regularly to make sure you’re investing your pot in the most suitable way.
Use your SAUL Start pension
Use your SAUL Start pension to get more from SAUL when you retire.
You can find out more about this on the SAUL website if you’ve been a SAUL member for more than three years.
