New Pension Choices
Since April 2015, from age 55, whatever the size of a person’s defined contribution pension pot, you will be able to take it how you want, subject to your marginal rate of income tax in that year.
Our Guide to Your Options at Retirement explores the implications of the pension reforms.
There will be more flexibility.
People who continue to want the security of an annuity will be able to purchase one and people who want greater control over their finances can draw down their pension as they see fit. It's your money and now it's your choice too.
Millions of people will benefit from a right to free pensions advice on how to make the most of the new pensions choices. This free pension advice will be provided by independent organisations rather than pensions schemes or providers.
You may still decide that an annuity is the right option for you, if so, try our annuity calculator to see what your potential income could be.