Counting down to retirement
You have a number of options for how you can use your Pension Pot, although you would have to transfer out of the Plan to access some of them.

You could use your Pension Pot to purchase a monthly income for the rest of your life.

You can also take 25% of your Pension Pot as a tax-free lump sum and use the rest to buy a pension. We will tell you more when you get closer to retirement.

See the MP03 section booklet or the AE Section booklet for full details on your retirement options.

The options you could access if you transferred your Pension Pot out of the Plan to another provider include:

Single lump sum

You could take all your Pension Pot as a one-off lump sum. 25% of this would be tax-free and the rest would be taxed as income. Please consider this option carefully, especially if you have a large amount of pension savings.

Flexible drawdown
This option allows you to dip into your Pension Pot and withdraw smaller lump sums when you need them. This means that you could benefit from further investment growth. You would still get 25% of your Pension Pot tax-free.

Financial guidance and advice
Pension Wise is a free and impartial guidance service set up by the government, which aims to help you understand your choices and how they work. You can find out more on the Pension Wise website ( You can also visit the Money Advice Service at to find an independent financial adviser in your area.

Target retirement planning
Have you thought about how much money you will need in later life? Have you got plans to travel or pay off your mortgage? You may want to consider the following too:

Selected retirement age
Your selected retirement age, or SRA, is the date at which you wish to take your retirement benefits.

Choosing an SRA is especially important if you are invested in the lifecycle option, as your SRA will determine when your funds start to switch to lower risk investments.

If you would like to change your SRA, please download the SRA form here.

State Pension
The current State Pension is £168.60 a week for the 2019/20 tax year; would this be enough for you? Watch our animation to find out more about the State Pension.

By starting to save now you will pave the way for a more comfortable future.

Tax implications at retirement


When you take your benefits from any pension arrangement, they are checked against HMRC’s Lifetime Allowance (LTA). The LTA is the total amount you can have in all your pension arrangements without paying an additional tax charge. The LTA for 2019/20 is £1.05 million.

The total value of all your pension benefits, excluding State Pension, cannot exceed the LTA, without attracting a tax charge on the excess.


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