Retirement
Retirement can seem complicated, whether you're looking for the best ways to save towards it or figuring out when you can retire. At HL, we're here to help you every step of the way.
Important information - Investments can go down as well as up in value, so you could also get back less than you invest. You can’t usually access money in a pension until you're 55 (57 from 2028), and age restrictions and early withdrawal penalties also apply to LISAs. Before transferring, check the costs involved first and whether you’d lose any valuable benefits. Pension, ISA, and tax rules can change, and any benefits will depend on your circumstances. This information is not personal advice. If you're not sure what's best for your situation, you should seek financial advice.
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.
Personal Pension (SIPP)
Save for your retirement and save on tax, all with the freedom to invest exactly where you want.
Lifetime ISA (LISA)
A flexible way to save and invest for later life, for anyone between 18 and 39 years old.
Junior Personal Pension (JSIPP)
Give your child a head start and invest up to £3,600 free from UK tax into your child's pension.
How much do I need to retire?
When you're saving for retirement, you face some of life's biggest questions. You need reliable answers. We're here to help.
Guides & tools
Find out how much you'll need to save for retirement and use our tools to help you get ready.
Investment ideas
Take control of your retirement savings by finding investments that mirror your savings goals.
For the self-employed
Saving for retirement when self-employed doesn't need to be complicated.
Transfer to HL
Make life easier by bringing your pensions together and transfer to the award-winning HL Personal Pension (SIPP).
Guides & tools
Find out how much you'll need to save for retirement and use our tools to help you get ready.
Investment ideas
Take control of your retirement savings by finding investments that mirror your savings goals.
For the self-employed
Saving for retirement when self-employed doesn't need to be complicated.
Transfer to HL
Make life easier by bringing your pensions together and transfer to the award-winning HL Personal Pension (SIPP).
Approaching retirement
There's lots to think about when it comes to your retirement. But don't worry, we're here to take you through it every step of the way. The government's free and impartial Pension Wise service can also help you to understand all of your options.
Check you're on track and start planning for your retirement
If you’re aiming to retire soon, you need to start planning how you’ll make it happen. First you need to understand your retirement options, including what you can do with your pensions.
Retirement planning and advice
Retirement is a time when you may feel unsure about what to do with your money and need help to make decisions.
Accessing your 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.
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.
Guides & tools
Find out what you need to consider when managing your finances in retirement.
Investment ideas
Learn about different investment and withdrawal strategies, plus fund ideas.
Inheritance tax advice
Get help navigating complex inheritance tax rules and pass on your estate in a tax effecient way.
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.
