Which retirement income solution
is best for you?

Your pension options

Most people wait until they stop work to take pension benefits but you can access your pension fund at any time from age 55 (rising to 57 in 2028). You don't have to take the money when you stop working. You can leave it invested if you have other income. 

Click here to read our basic guide to retirement income options.

There are four main options (or combination of options) to consider when taking benefits from your pension for the first time:

  1. Flexi access drawdown
  2. A lifetime annuity
  3. Annuity drawdown
  4. Taking one or more lump sums from uncrystallised funds known as Uncrystallised Funds Pension Lump Sums (UFPLS)

When you access your pension fund, you can normally take up to 25% as a tax-free lump sum.

Finding the right solution for you will depend on an understanding of your personal circumstances and objectives and how the variety of available retirement income solutions can be used to meet your needs.


 Retirement Income Options

To find out more about which solution is right for you, try our ‘Annuity or Not’ tool or read our Basic Guide to Your Retirement Options.

We offer a free online consultationHelpwith one of our retirement experts to help identify the best retirement option for your needs - please call 0800 077 8807 or click here for more information and to book your consultation.


“Given that we have both now been retired for nearly ten years from private practice as solicitors and financial advisers and are therefore now ‘out of touch’, it is reassuring to know that our retirement planning is in capable hands. In particular, we appreciate the emphasis which is placed on consideration of our income tax position against a changing background due to alterations in our financial arrangements.”

- Douglas & Caroline Graham

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