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.

Get up to speed 

When deciding what to do with your retirement savings, there’s lots to think about. Select a question below to see what leaving it for now could mean for you and to explore your other retirement 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.

  • Continue saving for your future

    You can keep saving into your plan - and benefit from tax relief on your contributions. Of course, tax rules can always change - and how much tax relief you'll benefit from depends on your individual circumstances. 

  • Give your savings more time to grow

    As your money stays invested for longer, it'll have more time to grow.
  • 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. 

  • Your options could 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.

The retirement savings you have left 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 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.

Want to explore taking an income?

*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.
Your options Secure income Flexible access Take cash
Can provide 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  Secure income Flexible access  Take cash

Explore your options

Before deciding what to do with your retirement savings, it's a good idea to take some time to fully understand all your options.

Download our guide to your retirement options

Find the support you need

You've got some big decisions ahead - and no doubt you'll have some questions. 
The good news is, there's plenty of support available.

Find tailored advice that's right for you

Find a financial adviser

Access free support from the government

Pension Wise

Use our retirement planner tool

Retirement planner

Your plan online

Access your plan details with our secure online service. It’s really simple to use and you’ll be up and running in no time.

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