Get your pension guidance

Retire later or delay taking your pension

It's up to you when you take your pension money. You can leave it invested and take it when you're ready, even if you previously told your provider you'd take it at a certain age.

This option may be suitable if you:

would like the flexibility to take money when you need it
would like to leave money to someone after you die
haven't decided when to retire

This option may not be suitable if you:

would like a lump sum now to pay for something big
would like to have a steady, guaranteed income

Key facts

While the money stays in your pot, you don't pay tax on it.
It's up to you when you take the money out - the earliest is usually aged 55, unless you have a serious illness. If someone offers to help you take your pension money before this, it's probably a scam.
The earliest age you can access your pension pot is increasing to age 57 on 6 April 2028.
You can keep paying into your pot, but there may be restrictions. If you're an employee, your employer might continue to make contributions too.
Like any investment, the value of your pension pot can go up or down.

Calculator

Results are guides only and won't be saved. We don't store your data.

More information

Old-style pension pots

Some old-style pension pots have special features you'll need to take within a certain period to avoid losing them. For example, you could lose your: 

Guaranteed Annuity Rate (GAR)
Guaranteed Minimum Pension (GMP)

'With-profits' pension schemes

Some ‘with-profits’ pension schemes can have penalties if you don’t take them within a certain period. If you’re in one of these schemes and delay drawing your pension, you could face:

late retirement charges
a lower ‘terminal bonus’ when your scheme ends
less money if the pot’s market value goes down

What happens to your pension when you die

You can nominate someone to receive any money that’s left in your pot when you die.

Help and support

If you'd prefer to have a phone appointment, you can book it here.

If you have any questions, speak to a pension specialist on our webchat.

Hours

Mon - Fri: 9am to 5pm
Sat, Sun and bank holidays: Closed