Take control with flexible access

• Enjoy the income you need, when you need it 
  
  You can take cash withdrawals, set up regular income payments and make changes as often as you need to. 
  
  
• Take some tax-free cash 
  
  You can usually take up to a quarter of your retirement savings as a tax-free lump sum*. This can be paid in one lump sum, or spread out over a series of smaller cash payments. 
  
  
• Give your savings more time to grow 
  
  Whatever you leave in your plan will stay invested – meaning it still has potential to grow. 
  
  
• Change your mind whenever you like 
  
  If your needs change, you can use the retirement savings you have left to buy a secure income – this will pay you a guaranteed, regular income for the rest of your life.
  
  

*You may be able to take more than this if you successfully applied to HM Revenue & Customs for a greater allowance.

• You're still exposed to investment risk
  
  While your money stays invested, there are no guarantees it will grow. So if your investments perform poorly, you could get back less than you started with. 
  
  
• You could run out of money before you die
  
  With flexible access, your income isn't guaranteed to last forever. So if you take too much money, live longer than expected or if your investments don't perform as well as you'd hoped, you could run out of money before you die. 
  
  
• You’ll need to actively review your plan
  
  As with any flexible access arrangement, regular reviews are key. You'll need to make sure the money you're taking out is sustainable - and adjust things if there's a risk your savings will run out too soon. 
  
  
• Saving into other pension plans could be restricted
  
  When you start taking an income from a flexible access plan, the government puts a limit on how much you (and your employer) can save into other money purchase pension arrangements without a tax charge. This is called the money purchase annual allowance – and it’s currently set at £4,000 a year. 
  
  
• Your entitlement to state benefits could be affected
  
  The amount of income and/or tax-free cash you take from your retirement savings could affect your entitlement to means-tested state benefits, this includes such things as housing benefits and council tax reductions.
  
  You should remember that tax rules depend on your individual circumstances and may change in the future.

If you have money left in your plan when you die, it can be passed on to your loved ones – usually free of inheritance tax.

• If you die before age 75, your retirement savings can normally be paid to your loved ones however they like, tax free.
• If you die aged 75 or older, your retirement savings can be paid to your loved ones however they like, subject to tax.