Some things to think about
How long will your money last?
This depends mainly on how much money you take out and how your funds are performing.
Taking a higher income or a lump sum increases the risk of your fund running out sooner. So, it may not last as long as you, and your loved one, 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.
Do you want to leave money to a loved one ?
By increasing your income or taking a lump sum there will be less to leave behind to a loved one.
What to do now
We always recommend you speak to your financial adviser before changing your income or taking a lump sum. If you don't have a financial adviser you can find one here.
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?

Find an independent financial adviser in your area to help you in your future pension planning.
Visit
www.unbiased.co.uk
and enter your postcode.

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.

Visit the www.hmrc.gov.uk to get information on tax rules and legislation which may affect you if you are saving, investing, or have a pension plan.