Pension flexibility explained

We're delighted that everyone has control over how they take money from their pension once they reach age 55 (may be subject to change). Pensions are one of the most tax-efficient and flexible ways to save for the future.


We’re ready when you are

We have years of experience under our belt supporting customers like you - and we’re ready when you are to take advantage of the increased flexibility.

Things to consider

If you want to access some of the more flexible options - like flexible income or taking more than 25% tax-free cash - you may need to move to a different pension product first.

Whether you’re thinking about flexible or guaranteed income – take time to shop around for the best deal. You could transfer your pension to another provider and you might get a better retirement income.

Remember, you can mix and match flexible and guaranteed options or keep your money invested and take your benefits at a later date.


Access to impartial guidance

We recommend you seek appropriate guidance or advice to understand your options at retirement. If you are aged 50 or over, you can get free guidance over the phone or face to face with Pension Wise, a service from MoneyHelper.

Go to or call 0800 138 3944.

MoneyHelper guides are also available at


Investment risk

The value of investments can go down as well as up and you could get back less than was paid in. This includes if you are in drawdown as a portion of your pension remains invested. You need to be comfortable with the level of risk of your investment, which may fluctuate in value frequently and at times significantly.

Sustainability of income

You need to consider the longer-term impact of making withdrawals from your pension pot because your money could run out.

More information on other risks.

Protect against pension scams

The Pensions Regulator has provided information to help people protect themselves from pension scammers.

Find out more on The Pension Regulator website.

The Financial Conduct Authority also provide information as well as a helpful warning list of known scammers.

Read more and use the FCA tool on their ScamSmart website.


Laws and tax rules may change in the future. This information is based on our current understanding in April 2022 and your own circumstances and where you live in the UK also have an impact on the taxes you pay.