Pension Withdrawal

Our Pension Withdrawal section is the perfect place to start planning your retirement. Discover more about drawdown and the important tax facts, including how the pension lifetime allowance and money purchase annual allowance works.

Changes to the Normal Minimum Pension Age from April 2026 to April 2028

The normal minimum pension age is set to rise to 57 from 6 April 2028. Find out why this could be important if you born between 6 April 1971 and 5 April 1973.

Money purchase annual allowance

The money purchase annual allowance (MPAA) restricts how much money you can pay into your defined contribution pension tax-free.

Early pension release rules

Learn what the early pension release rules are and discover the eligibility criteria, as well as tax implications of withdrawing your pension before 55.

Emergency tax on pensions

Find out how emergency tax on pension withdrawals works and what you should look out for when withdrawing a lump-sum from your pension.

How does pension drawdown tax work?

When you reach retirement, income drawdown is one of the ways to use your pension money. Find out more about how pension drawdown tax works.

Income drawdown charges

With income drawdown the cost can vary greatly, depending on the provider you choose, so it’s wise to look for any fees. Find out more.

Taking an early pension

Find out the key things you should consider before taking an early pension, and see whether retirement makes sense.

What is the 4% rule for withdrawals in retirement?

The 4% rule can help you figure out how much money you can take from your pension each year, without running out of money.

Investment Pathways

Investment Pathways provide a structured approach to managing pension savings as you transition into retirement.

When can I claim my pension?

Unsure when you can claim your pension? See how it works differently, depending on whether it's a workplace, personal or State Pension.

What is income drawdown?

When you reach retirement, income drawdown is one way to use your pension money. Learn more and weigh up the pros and cons.

What is a deferred pension?

Find out what a deferred pension is and how it can help your pension grow. Learn what types of pensions you can defer.

Should I take a lump sum from my pension?

Once you reach the age of 55 (rising to 57 in 2028) you’ll have the option of taking some or all of your pension out in cash, referred to as a lump sum.

The lump sum allowance, lump sum death benefit allowance, and overseas transfer allowance

Read about the lump sum allowance, the lump sum and death benefit allowance and the overseas transfer allowance.

Pension lifetime allowance

Find out what the pension lifetime allowance was and the allowances that have replaced it.

Can I cash in my pension?

Read our guide to cashing in your pension to find out more about when you can start to withdraw money and the effect this may have.

How to withdraw money from a pension fund

Whether you’re approaching retirement or are just thinking ahead, there are several options when withdrawing money from a pension fund.

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Pension Withdrawal

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