Pension flexibility explained

We're delighted that everyone 55 (may be subject to change) and over has control over how they take money from their pension. Pensions are now one of the most tax-efficient and flexible ways to save for the future.

We’re ready when you are

We have years of experience under our belt supporting customers like you. We’ve been actively lobbying the government for years to give people more control over their retirement income and we’re ready when you are to take advantage of the increased flexibility.

Example of the different ways that you can access the money from your pension pot

Remember, you can mix and match flexible and fixed options or keep your money invested and take your benefits at a later date.

*(may be subject to change)


Access to impartial guidance

We recommend you seek appropriate guidance or advice to understand your options at retirement. You can get free guidance over the phone or face to face with Pensionwise.

Go to or call 0800 138 3944.

The Money Advice Service (MAS) guide is also available on the Pensionwise site.


Investment risk

The value of investments can go down as well as up and you could get back less than was paid in. This includes if you are in drawdown as a portion of your pension remains invested. You need to be comfortable with the level of risk of your investment, which may fluctuate in value frequently and at times significantly.

Sustainability of income

You need to consider the longer-term impact of making withdrawals from your pension pot because your money could run out.

More information on other risks.

Protect against pension scams

The Pensions Regulator has provided information to help people protect themselves from pension scammers.

Find out more on The Pension Regulator website.

The Financial Conduct Authority also provide information as well as a helpful warning list of known scammers.

Read more and use the FCA tool on their ScamSmart website.


Laws and tax rules may change in the future. This information is based on our current understanding in April 2020 and your own circumstances and where you live in the UK also have an impact on the taxes you pay.