You should speak to your financial adviser before making any decision about what to do with your retirement savings.
Enjoy flexible access to your savings
You can access your retirement savings as and when you need to through something called income drawdown. We currently offer this kind of flexibility through our Income Release product.
There will be no restrictions on how much income you can take or how often you choose to take it.
Plans set up before 5 April 2015 may have a cap on the amount you can draw from your retirement savings. You may be able to convert your plan to take more income than your current limit.
Understand your options
If you have retirement savings built up elsewhere, it’s usually possible to consolidate everything into one big pension pot.
Of course, transfers can be a complicated business. We’ll always recommend you speak to your financial adviser first, just to make sure any transfer is in your best interests.
You should be able to take up to 25% of the retirement savings you transfer into income drawdown as a lump sum, completely free from tax.
Of course, if you choose to take some tax-free cash, it will reduce the amount of savings you’ll have to provide an ongoing income.
If you’re using income drawdown, there’s no need to take an immediate income after you’ve received your tax-free cash.