Leave it for now
If you don’t feel ready to access your retirement savings, that’s ok. You can leave your money invested – and give it more potential to grow.
What are my options?
- Decide when you’re ready
If you’re aged 55, you can access your retirement savings whenever you feel the time is right. You can buy a secure income, dip in with flexible access or take it all as a cash payment.
- Give your savings more time to grow
As long as your savings remain invested in your plan, they’ll still have the chance to grow.
- Continue saving for your future
You’ll still get tax relief on your contributions from the government. Tax rules can always change – and how much tax relief you’ll benefit from depends on your individual circumstances.
What do I need to watch out for?
- You could be exposed to investment risk
If you leave your savings in your plan, they’ll remain invested. While this means they can continue to grow, it also means they can fall in value – meaning you could end up with less money to live on.
- Your options might become restricted
Depending on the type of plan you have, your retirement options may become limited when you reach a certain age. That means it’s important to review your plan details regularly to see if any restrictions apply.
What happens when I die?
The money you have in your plan can be passed on to your loved ones – usually free of inheritance tax.
- If you die before age 75, your retirement savings can be paid to your loved ones how they like, income tax-free.
- If you die aged 75 or older, your retirement savings can be paid to your loved ones how they like, subject to tax.
Want to explore taking an income?
|Your options||Secure income||Flexible access||Take cash|
|Can I arrange to take a regular income?||Yes||Yes||No|
|Is my income guaranteed for the rest of my life?||Yes||No||No|
|Can I change how much money I receive?||No||Yes||Yes|
|Could my money run out later in retirement?||No||Yes||Yes|
|Can I do something different with my savings in later years?||No||Yes||Yes|
|Can I take some tax-free cash?||Usually up to 25% of your pension pot*||Usually up to 25% of your pension pot*||Usually up to 25% of your pension pot*|
|Find out more|
*You may be able to take more than 25% if you have protected tax-free cash. A financial adviser could help you understand whether this applies to you.
Other useful information
- How will my retirement income be taxed?
- What are my tax-free allowances?
- What will the State Pension provide?