We don’t support this browser anymore.
This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

Your guide to taking lump sums from your pension

Your guide to taking lump sums from your pension

Find out more about taking lump sums from a pension from age 55 (rising to 57 in 2028) and answers to important questions such as:

  • How does it work?
  • What might you receive after tax?
  • How does this option compare to drawdown?
  • What are the risks and benefits?
  • How to make the most of your tax-free cash?

This guide is not personal advice.

Download your guide now

Please correct the following errors before you continue:

    Existing client? Please log in to your account to automatically fill in the details below.

    Address not shown above? Enter your address manually
    This literature is for UK investors only. We are not authorised to send our literature to areas outside the jurisdiction of UK regulation and will be unable to send this literature to any address in the Channel Islands or outside the UK.




    This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

    Loading

    Please confirm that you wish to continue:

    Loading

    This guide is not personal advice. If you are at all uncertain about the suitability of a product for your circumstances please seek advice. Tax rules change and their benefits depend on your individual circumstances. What you do with your pension is an important decision, which could be irreversible. Make sure you understand your options and check they are suitable for your circumstances: take appropriate advice or guidance if you are unsure. The Government's free Pension Wise service can help. It provides impartial guidance face-to-face, online or by phone - more on Pension Wise. Remember, you’re normally unable to access money from your pension until age 55 (rising to 57 from 2028).

    Since the introduction of pension freedoms, it's possible to take lump sums directly from a pension from age 55 (rising to 57 in 2028), without having to go into drawdown or buy an annuity. This is known as taking an Uncrystallised Funds Pension Lump Sum (UFPLS).

    Find out more about taking lump sums and answers to important questions such as:

    • How does it work?
    • What might you receive after tax?
    • How does this option compare to drawdown?
    • What are the risks and benefits?
    • How to make the most of your tax-free cash?

    This guide is not personal advice. If you are at all uncertain about the suitability of a product for your circumstances please seek advice. Tax rules change and their benefits depend on your individual circumstances.

    What you do with your pension is an important decision, which could be irreversible. Make sure you understand your options and check they are suitable for your circumstances: take appropriate advice or guidance if you are unsure. The Government's free Pension Wise service can help. It provides impartial guidance face-to-face, online or by phone - more on Pension Wise. Remember, you’re normally unable to access money from your pension until age 55 (rising to 57 from 2028).

    HL SIPP awards