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Retirement

How to save for retirement

The earlier you start planning and saving for your retirement the better. How you choose to save towards and invest for retirement will depend on your circumstances. Paying into an employer or private pension, like the HL Self-Invested Personal Pension (SIPP), is the most common option, but it’s not the only one. A Lifetime ISA (LISA) is also a tax efficient way to save and invest for retirement. Both are free from UK income and capital gains tax.

Just remember, investments can go down as well as up in value, so although investment gains are possible, you could also get back less than you put in. You can’t usually access money in a pension until at least age 55 (rising to 57 from 2028), and age restrictions and early withdrawal penalties also apply to LISAs. If you’re thinking about transferring, please contact your current providers to check for fees and that you won't lose valuable guarantees or benefits. Pension, ISA, and tax rules can also change, and any benefits will depend on your circumstances.

Important information - The information on our website isn’t personal advice. If you're not sure what's best for your situation, you should seek financial advice.

Open or transfer to an HL Self-Invested Personal Pension

A SIPP gives you more choice and control over your investments and flexibility at retirement. You can even combine your old pensions into a SIPP for easier management. You’ll still benefit from the usual pension tax breaks and can make tax efficient payments up to the £40,000 annual allowance. Other limits apply.

Under 40? Discover the HL Lifetime ISA

Get a 25% government bonus every time you pay in up to £4,000 each tax year. Age restrictions and early withdrawal penalties apply.

Tools to help you get ready to retire

There’s lots to think about when it comes to your retirement. But don’t worry, we’ve got plenty of tools and information to help you.

  • Find out how much you’ll need to retire for certain standards of living
  • Use our pension calculator to see if your savings are on track
  • Learn how to find your lost pensions
  • Get to grips with State Pension rules
  • Consider combining your pensions into one easy-to-manage account

How to access a pension

There are three main ways to take your personal pension, which you can usually do from age 55 (57 from 2028). What you choose to do with your pension is an important decision. You should check you're making the right decision for your circumstances and that you understand all your options and their risks.

Annuities

A tax-free cash lump sum of up to 25% and a guaranteed income (taxable) for the rest of your life.

Drawdown

Up to 25% as a tax-free lump sum, and then keep the rest invested. Take a flexible income (taxable) as and when you need it.

Lump sums

Withdraw your whole pension or keep some invested. Up to 25% of each withdrawal will be tax free and the rest taxable.

Not sure where to start?

Watch our retirement options video and read our side-by-side comparison table, including each option’s benefits and risks.

Guidance, help and advice

Guidance from Pension Wise

Pension Wise is a free, impartial government service for anyone aged 50 or over, with a UK based personal or workplace pension.

It can help you understand what type of pension you have, how you can access your savings and the potential tax implications of each option. But it isn’t financial advice.

More about Pension Wise

Have a question?

Our UK-based helpdesk are here for you six days a week. Our friendly and knowledgeable team are ready to answer your questions no matter how big or small.

Call us on 0117 980 9926

Opening hours
Monday - Friday: 8am - 5pm
Saturday: 9.30am - 12.30pm

Alternatively, you can email us.

Retirement Advice from HL

Retirement is a time when you may feel unsure about what to do with your money and need help to make decisions. Our financial advisers can work with you to:

  • Plan your personal budget and retirement income strategy
  • Make sure your investments match your goals
  • Give pension advice, including when and how to take them

Discover retirement advice

Retirement Advice from HL

Retirement is a time when you may feel unsure about what to do with your money and need help to make decisions. Our financial advisers can work with you to:

  • Plan your personal budget and retirement income strategy
  • Make sure your investments match your goals
  • Give pension advice, including when and how to take them

Discover retirement advice

Beware of pension and investment scams

Fraudsters are becoming more sophisticated, and are targeting people who've withdrawn, or plan to withdraw, money from their pension and other accounts. Scams can include free pension & investment reviews, the chance to release money early, and they can even persuade people to transfer their pension as part of an investment scam. These scams tend to involve firms and/or investments which aren’t regulated by the FCA, so if you fall victim to them there may be no compensation available. Visit our pension scam hub to find out how to spot a scam, what to do to avoid them, and who to contact if you think you’ve been scammed.

Learn about pension scams

Managing your money in retirement

Once you give up work, you’re responsible for your own income. Your retirement could last 30 years or more, so the withdrawals you make from your pensions or investment accounts need to be sustainable. You might also consider planning for inheritance tax.

Investing in drawdown

Learn about different investment and withdrawal strategies, plus fund ideas.

Drawdown investment ideas

Income tax calculator

Calculate how much tax you might pay on your pension withdrawals.

Try the calculator

Pass on your pension wealth

Learn what options your loved ones will have when you pass away, and how the tax works.

What happens when you die

Investment advice

Work with a financial adviser to build or update your portfolio to match your attitude to risk, objectives and reduce the impact of losses.

Investment advice