Pension withdrawal
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When the time comes to start withdrawing your pension it should be simple and stress-free
You can take up to 25% of your pension pot tax-free, either as a lump sum or in portions. The rest of the money remains invested to withdraw when you decide. Take one-off withdrawals when you need or opt for Regular withdrawals and get automatic payments of the same amount paid into your bank account on the same day every month.
Pension drawdown
You use part - or all - of your pension pot to buy a guaranteed regular income. The amount you get depends on the annuity rate, which is calculated by looking at things like your age, health and current interest rates.
Pension annuity
You can use both pension drawdown and annuities together
You could use part of your pension to purchase an annuity and leave the rest invested to draw down from as and when you choose. This way you combine the predictability of an annuity with the flexibility of drawdown.
Tools to help you plan your retirement
We understand that choosing how and when you take your pension is a big decision. That’s why we’ve created articles, information hubs and video explainers and a Drawdown Calculator to help you shape the retirement you want.
Explore our Retirement hub
One place for all the tools and resources you need to prepare and adjust for life in retirement.
Try our Pension Calculators
Start planning your pension withdrawals and understand the tax you could pay.
Watch our Drawdown explainers
Jargon-free explanations of how to access your money and the different options available to you.
Looking to withdraw?
Combine your old pensions into one simple plan
Invest with one of the world’s largest money managers
Make paper-free online withdrawals from the age of 55
Pay just one simple annual fee
