Category: Accessing Your Pension Savings

What is a Pension Annuity? A pension annuity is a financial product that allows you to turn your pension savings into a regular, guaranteed income. When you retire, you can use some or all of your pension pot to buy an annuity from an insurance company. In exchange, the provider pays you a fixed income,…

What is Flexi-Access Drawdown? Flexi-access drawdown is a way to access your pension savings flexibly once you reach the minimum pension age, which is usually 55 (rising to 57 from 2028). Unlike traditional pension options, flexi-access drawdown gives you control over how and when you take money from your pension pot. Instead of being locked…

What is Taking Tax-Free Cash? When you hear about “taking tax-free cash” from your pension, it refers to the option to withdraw a portion of your UK pension savings as a lump sum without paying tax on that amount. This is sometimes called a “pension commencement lump sum” or simply “tax-free lump sum.” For most…