Some things to think about
How long will your money last?
Any money you take will affect the value of your plan. Taking a higher income or a lump sum increases the risk of your fund running out sooner, which means that it may not last as long as you need it to.
How much tax will you pay?
Changing your income might mean a change in the tax you pay. You should also know that tax rules can change.
How much are you still paying into your plan?
Taking money out of your pension pot sometimes triggers a limit on how much can be paid into it in the future. Find out more about the Money Purchase Annual Allowance.
How your other benefits could be affected?
Taking a higher income could affect your entitlement to certain state benefits that are based on your income or savings, like housing benefit or income support. If you have debts, the creditor may have rights to any cash you take.
What to do now
If you're considering changing the amount you take from your drawdown plan, we're here to help. If you're unsure what the best option is for you or you wish to purchase an annuity, speak with your financial adviser.
I want to change the amount I am taking out
Use our calculator to see how changes to your income can impact how long your pension might last.
I want to start or stop my income payments
If you're looking to stop your payments then please call us on 0800 000 000.
We're here 8am - 6pm Monday to Friday.
If you're calling from abroad +44 1786 448 844.
Where can I learn more?
We recommend you use Pension Wise, a free impartial guidance service from the government to help you understand your options at retirement.
Visit pensionwise.gov.uk or call 0300 330 1001 to book a phone or face-to-face appointment.