Yes. If you have an existing Retiready Pension, you can normally take a lump sum from age 55 (increasing to age 57 on 6 April 2028) 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 pot is less than £10,000 and you've not taken more than two other small pension pot lump sums from any other contract-based pension plan (for example, another personal pension or buy-out policy).
• 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.

Taking part of your pension plan as a lump sum means that the benefits paid at a later date will be reduced as your pension pot will be reduced. Taking a full lump sum from your pension pot means that no further benefits can be paid from it at a later date when you may require it — you should consider the impact this will have on your retirement plans.

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. If you're not sure of the tax implications, please speak to a financial adviser. There may be a charge for this. If you don't have a financial adviser, you can visit MoneyHelper to find the right one for you.

This information is based on our understanding of current, taxation law and HMRC practice, which may change.

To find out about taking your Retiready pension benefits, call 03456 100 072. Call charges will vary.