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Retirement options
When the time is right for you to retire, we can help you access your pension in a way that suits your retirement needs.
Deciding how to take your pension
What you do with your pension at retirement is an important decision. It’s a chance for you to decide how to take the money you’ve saved over the years and put it towards your future.
There are several different ways for you to take your pension. They each give you the flexibility you need when you come to access your pot. You can take 25% of your pot tax-free, with the rest being subject to tax. Tax treatment depends on individual circumstances and may be subject to change.
It’s worth considering which option is the right one for you.
Your choices at retirement
The earliest you can usually access your pension savings is age 55 (rising to 57 from April 6, 2028). It’s worth considering if this is the right time for you to take your benefits. Generally, the longer you can leave your pension untouched, the better. There’s no maximum age to retire. So, although you can’t continue contributing into your pension over the age of 75, you can keep your pension intact as long as you like. It’s also possible to take a combination of these options.
Expert help from Scottish Widows
If you’ve got a Ready-Made Pension or SIPP with us, our retirement partners at Scottish Widows are here to help. Their website gives details on the different retirement options, with useful information, checklists and tools to help you decide how and when to retire.
Don't have a pension with us?
Need some advice or guidance?
Take a look at our retirement guide
If you’re looking for more information on your retirement options, this helpful guide can assist you in making an informed decision.
Planning for your retirement is an important step towards financial security in later life.
You get free help and guidance through Pension Wise. If you're over 50, you'll also benefit from a free 60 minute appointment.
If you’re unsure which option to choose, we recommend you speak with a financial adviser. They will charge you for this service. You can visit Unbiased or Vouchedfor to find a financial adviser near you.
Alternatively, Lloyds Wealth could also help. Fees and charges may apply.
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