Yes, it’s usually possible to leave money in your pension to one or more people when you die. Many schemes will let you pass on your savings, and if you receive a guaranteed income your provider may pay a lump sum or an income to your partner. If you’re thinking of buying an annuity then you need to be careful you choose the right one because not all of them will pay an income to someone else when you die.
Pension Release from 55
Thousands now use tax-free money from their pensions to change something in their lives long before they retire. Find out what pension release could mean for you.
Call 0800 304 7288 for a friendly chat about your pension
Stephen finished his documentary
Documentary-maker Stephen took money from his pension to complete his long-in-the-making documentary “After ‘82”, which explores the history of the AIDS crisis in the UK. Click the link to watch Stephen's story.
Pension cash enabled Alan to clear debts
Alan had credit cards charging high rates of interest. Taking some tax-free cash from one of his pensions allowed Alan to clear the cards, and the rest remained invested for the future. Click the link below to watch Alan's story.
Finding old pensions changed Mark’s future
Mark wanted us to find his pensions from previous jobs. Tracking them down gave him almost £20,000 more for the future. We then combined them into a single pension fund, giving more control than before. Click the link below to watch Mark's story.
Frequently asked questions
With this type of review a regulated pension expert will examine in detail your circumstances before clearly and simply advising what they think you should do with your pension. You will not have to pay for this review and you are not committed to follow the advice in any way.
The new pension rules (also called pension freedoms) removed many of the restrictions around how you can take money from your fund; if you are at least 55 years old there is a good chance that you can take as much money as you want. Whether it’s the right thing for you to do or not depends on your circumstances and the type of pension you have.
This really depends on the type of pension you have. Sometimes you can take money direct from your current scheme. In other cases you need to transfer your pension to a new scheme before you can release any money. Your best bet is to talk with a financial adviser first.
You can generally access your pension savings from the age of 55, whether you are working full time, part time or have already retired. There are some restrictions for certain types of workplace pensions, though, and in rare circumstances money can be withdrawn at a younger age.
Yes, money taken from your private pension can be spent however you like. You can also use it to tackle your existing mortgage, as a deposit to help your children buy a house, or to invest elsewhere. If you are looking to invest in property then you need to know the costs and risks, especially if you already own a house.
If you are aged 55 or over and have the right type of pension then you can take as much money as you like from it. It’s not a decision to take lightly because you could end up paying a lot of money to the taxman. And if you do take all of your pension savings now, how much money will you have to live on in the future?
If you have the right kind of pension and are aged 55 or over then you can take as much money as you like from your pot, with 25% of it being tax free. The big thing to consider is the impact this could have on your life further down the line, particularly your future income.
You can generally take as much money as you like from your pot, as long as you are aged 55 or over and have the right type of pension. There are lots of things to think about as taking money from your pension could leave you with a sizeable tax bill and have a big impact on how much money you have to live on in the future.
Yes, it is. Pension release is just a fancy term for taking money out of your pension and in most circumstances this is entirely legal from the age of 55. Unfortunately there are lots of pension scams that encourage people to withdraw money at an earlier age, which could result in you losing your savings and facing a huge tax bill.
If you are at least 55 years old and have the right type of pension then you can take as much money from it as you like. If you don’t have the right type of pension then you may be able to transfer into one, although this could mean giving up some very generous benefits.
Releasing your pension benefits early could reduce your income at retirement and therefore is only suitable for a limited number of people and circumstances.
On this page we talk about your pension and tax implications. Tax treatment depends on your individual circumstances and may be subject to change in the future.