Some things to think about
How long will your money last?
Any money you take will reduce 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?
Taking money out 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 money out could mean certain state benefits that are based on your income or savings could be reduced or stopped. This applies to benefits like housing benefit or income support and if you have any 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 plan or taking a lump sum, we're here to help. If you're unsure what the best option is for you, speak with your financial adviser.
Want to take money out
Use our calculator to see how taking money out of your pot can impact how long your money might last.
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.