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How well do you know your retirement options?

If you’re thinking of taking money out of your pension, do you understand all your options?

Take this short quiz to test your knowledge and help you to understand the basics.

Good luck!


Question 1

  1. You have to be at least 65 to access your pension. True or False?

    You can normally access your personal pensions from as early as 55 (rising to 57 from 2028). You might be able to access your pension sooner if you have a protected retirement age or you’re unable to carry out your occupation due to ill health. Use our pension calculator to see how much income you’re on track to receive and how much could be tax free.

  2. There are three main ways to take money from your pension. True or false?

    You can:

    • Exchange your pension for a secure lifetime income (an annuity)
    • Keep your pension invested, drawing an income as and when you need to (via drawdown or as lump sums)
    • Withdraw your entire pension in one go

    At the end of the quiz download our options at retirement guide to find out more about their risks and benefits.

  3. You have to pay for professional advice before you can access your pension. True or false?

    If you’re happy to make your own investment decisions there’s no legal requirement to take personal advice. But what you do with your pension is an important decision. So we strongly recommend you understand your options and check that the option you choose is right for your circumstances. You should seek guidance or advice if you’re unsure. If you’d like to talk through the options, book a consultation with one of our specialists at the end of this quiz. If you think you might want personal advice, they can put you in touch with an HL adviser in your area.

  4. You get poor annuity rates if you have medical conditions. True or false?

    Having health and lifestyle conditions will often mean you qualify for more income. Even if you have minor conditions or are fit and healthy, it’s still worth confirming basic details like your height, weight and alcohol intake. Last year 1 in 2 of our individual annuity clients qualified for an enhanced rate. To see how much annuity income you could get, why not compare quotes now?

  5. All pension providers offer all the main retirement options. True or false?

    You might find that your current pension provider doesn’t offer all retirement options available – it’s not a legal requirement. You may have to transfer your pension elsewhere to access the options you want – you could consider our HL self-invested personal pension (SIPP). Before transferring check you won’t lose any valuable guarantees or need to pay high exit fees. If you’d like to find out more about your options or our services, book a consultation with a retirement expert at the end of this quiz.

What help is available?

Your final score