At a glance...
- Currently you can take your Plan pension savings anytime from age 55. But the minimum age that you can take your pension savings will rise to age 57 from 6 April 2028.
- You can use your pension savings to do one of the following (or a combination of all three):
- Keep your pension savings invested and take money out as and when you need to (known as ‘income drawdown’ or ‘flexible access drawdown’)
- Buy a guaranteed income (known as an ‘annuity’).
- Take it as cash.
- Most people have the option to take up to 25% of their pension savings as a tax-free cash sum (up to a maximum of £268,275). The rest of your savings will be taxed as income.
> When can I take my pension savings?
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Don't forget about your State Pension...
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> What are my options for taking my pension savings from the Plan?
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