Make it happen

Pension changes from 6 April 2024: We’re updating our communications to include information about the new lump sum allowances and tax treatment when you take benefits. Until that’s complete, please read the pension allowance changes leaflet before you take any lump sum and/or income from your pension.

Decided which option you want to take? If so, select your choice from the list below. Please note, not all options are available under all plans and in particular there are restrictions for any contract with a guaranteed minimum pension or guaranteed annuity option.

Before applying you must:

Read and understand the risks of each pension option – you’ll find them at the top of each section.
Know your current contract type – you can find this in the right-hand column of your Option letter or you can contact us.
Have received details of all the retirement options available to you – This would normally be sent out to you from age 50 then every five years and approximately six months before your estimated retirement date. You can see an example of these communications here. If you're not near your retirement date, but are eligible to access your pension pot, then please contact us and we'll arrange to send a retirement options pack to you.
Be aware that the lump sum options have no cancellation rights – once we've paid you it can't be reversed and you can't pay the money back to us.
Understand what financial advice or guidance is available. See our Get help and guidance section for further information.
Understand what supporting documents we require – We may not be able to process your application without evidence. Please see our FAQ for full details.

Take it as a cash lump sum

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All as cash Some as cash Take all as a small pot

Flexible regular income

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Flexi-access drawdown

The level of income is not guaranteed. There is a real chance that you may need to reduce your drawdown income in the future, in particular if the performance of your investments is lower than expected, or you live to a greater age than originally anticipated when choosing your initial income level.

Drawdown will reduce the size of your pension fund and the investment growth may not be sufficient to maintain the level of income you wish to draw. If you withdraw money at a rate greater than the growth achieved by your investments, your remaining fund will reduce in value. The level of income you take will need to be reviewed if the fund becomes too small - this is more likely the higher the level of income you take.

The income you receive may be lower than the amount you could receive from an annuity, depending on the performance of your investments.

The rules governing how much income you can take directly from your pension fund may change. This could mean that the income you can take from the investment no longer meets your requirements.