Can I take my Retiready Pension as a full or partial lump sum?
Updated 30 August 2016
Yes. Lump sums can normally be taken from age 55 or earlier if you have a protected low pension age or meet the ill-health condition.
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 an uncrystallised funds pension lump sum (UFPLS).
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.
To find out more or apply, call 03456 100 010.