Can I take my Retiready Pension as a full or partial lump sum?
Updated 29 January 2020
Yes. You can normally take a lump sum from age 55 or earlier if you have a protected low pension age or meet the ill-health conditions.
There are generally two ways you can take lump sums from your Retiready Pension:
- As a small pension pot lump sum. You may be able to take this if your Retiready Pension is less than £10,000 and you've not taken more than two other small pension pot lump sums from any other pension plan.
- As a full or partial lump sum, also known as an uncrystallised funds pension lump sum (UFPLS).
It's important you carefully consider what option is right for you, as once you've made your choice, you can't reverse it.
Typically, 25% of the lump sum will be tax-free with the remainder being subject to income tax. You can find out more at Your Retirement Planner. The tax treatment depends on your individual circumstances and may be subject to change in the future. This information is based on our understanding of current, taxation law and HMRC practice, which may change.
To find out more or apply, call 03456 100 072. Call charges will vary.