Can I withdraw my money at any time?
- No. Once invested in a pension you cannot normally access the money until retirement.
- This can usually be done from your 55th birthday, when you will normally be able to take up to 25% as a tax free lump sum and a taxable retirement income from the remainder.
- You may be able to leave your pension invested, never draw an income from it and/or pass it on to your heirs (with a tax charge). You may even be able to draw your entire pension as cash providing you meet certain criteria such as already having a secure pension income of at least £20,000 a year.
- Like all rules, these may change in the future. The exact treatment of any benefits from your pension will depend on your circumstances.
- To explore your retirement options, the pros and cons, and discover how you could maximise your pension fund when you retire, please download our FREE Guide to Your Options at Retirement.