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Updated: pension benefits option guide

We've updated our pension benefits option guide following recent changes to the Money Purchase Annual Allowance.

The guide outlines the different options available when you want to access your pension benefits. You have the option to access part, or all, of your pension benefits at any time from age 55 (or your State Pension Age, less 10 years, if this is later, subject to future legislation). This is irrespective of whether you have actually stopped working.

Pension rules introduced in April 2015 changed the way in which pension benefits can be taken. These changes give you a number of options as to how you take benefits and it is really important that the implications of these options are fully understood and accepted before you make any decisions.

The options for most people from age 55 include taking up to 25% of their pension fund as a tax free lump sum and with the residual fund, elect to draw a taxable income via either one of or a combination of the following options:

  • annuity purchase;
  • flexi-access drawdown;
  • uncrystallised funds pension lump sum;
  • phased retirement; and
  • a combination of the above.

Download our updated pension benefits guide.

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