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Important information - What you do with your pension is an important decision that you might not be able to change. You should check you're making the right decision for your circumstances and that you understand all your options and their risks. The government's free and impartial Pension Wise service can help you and we can offer you advice if you’d like it. The information on our website isn’t personal advice.

Whether you choose to travel, make home improvements or spend more time with your family, a well-planned retirement can give you peace of mind and help to reach your goals more easily.

We’ve gathered some helpful tools and resources to help you manage your pension and plan the future you want. What’s more, with the HL SIPP (Self-Invested Personal Pension), you can combine old pensions and have the freedom to invest in a way that suits you.


Bring old pensions under one roof and choose from a wider selection of investments

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Prepare for retirement

The earlier you start planning the better.

If you’re starting in your 50s, you’ve got time to plan well and eventually retire when you want, how you want.

If you’re starting your planning a bit later, don’t worry. There are steps you can take to boost your retirement savings and make a difference.

Tips to help plan your retirement

Choosing how to take your pensions

You can usually take your pension from 55 (57 from 2028) and have the following four options to choose from for income. You'll normally also be able to receive up to 25% as tax-free cash. Tax rules can change and benefits depend on personal circumstances.


Keep your pension invested, taking the income you want, when you want. A flexible option, but also risky, because you could run out of money. You can usually take up to 25% tax-free cash at the start.


A guaranteed income for the rest of your life. Not a flexible option, but your income is secure. You can usually take up to 25% tax-free cash when you buy an annuity.

Lump sums

Keep your pension invested and take money from it when you like. Part of each withdrawal is usually tax-free. Flexible but risky option, because you could run out of money.

Mix and Match

You could buy an annuity to secure cover for your essential needs. And keep the rest of your pension invested, taking a flexible income. Both the capital invested and the income you take from it could go up or down.

Pension guidance

We strongly recommend that you seek guidance from Pension Wise, the government's free and impartial service.

More about pension wise

Managing your pensions in retirement

Your investment choices

Learn about different strategies for investing a drawdown plan, plus fund ideas for each one.

Explore drawdown investment ideas

Pass on your wealth

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

Discover more

Ask an expert for help

Our financial advisers can help ensure your finances are in order so you can enjoy your retirement.

Discover more

Taxes in retirement

A lot can change when you retire. Including how much tax you pay.

Discover more

Beware of investment scams

Unfortunately, there are investment scams out there which target people who've withdrawn, or plan to withdraw money from their pension and other accounts. They can also persuade people to transfer their pension to another pension within which there is 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.

Often fraudsters will attempt to make their ‘sales pitch’ as realistic and attractive as possible. They’ll aim to build a rapport with you – sharing fake reviews, using convincing literature and websites or claiming to be regulated. Warning signs can include cold calling or texting, pressure to act quickly, the promise of unique or unusual opportunities, the offer of quick and easy profits or something that seems too good to be true. Scammers might also offer free pension reviews and the chance to release money from your pension early, which isn’t normally allowed before age 55 under current pension legislation. You can find out more at www.fca.org.uk/scamsmart.

Threats to be aware of