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Your
retirement


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.

Retirement opens up a world of possibilities

Retirement is your time. Whether you choose to travel, make home improvements or spend more time with family, getting your finances in order can give you peace of mind.

We’ve gathered the tools and resources you need to help you make plans for your pension and manage your money for the future. Explore your pension and retirement options below.

Pensions and saving for retirement

If retirement is still many years away, we can help you with your pensions too.

Tell me more

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.

Start planning your retirement

Choosing how to take your pensions

You can usually take your pension from 55 (57 from 2028) and have a range of options to choose from for income. You'll also be able to receive up to 25% as tax-free cash.

There's more information about each option below, or you could take a look at our options at retirement guide for more details.

Annuity

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.

Drawdown

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.

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 cover your essential needs. And keep the rest of your pension invested, taking a flexible income which 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

Choose and review your investments

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.

See Options for passing money on

Ask an expert for help

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

More about financial advice

Taxes in retirement

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

Keep on top of your retirement tax bill

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. These scams tend to be carried out by firms which aren't regulated, so if you fall victim to them there may be no compensation available. Warning signs of a scam often include cold calling or text, pressure to act quickly, the promise of unique or unusual opportunities or something that seems too good to be true. You can find out more at www.fca.org.uk/scamsmart.