Choose the path that fits your retirement goals
Retirement is an exciting milestone, but it comes with important decisions. We’re here to guide you through your options so you can choose the path that best fits your goals. Before making any final choices, we strongly recommend seeking financial advice to ensure your decisions work for your future.
Accessing some or all of your pension typically takes 4-6 weeks, depending on the option you select. Take your time, explore your choices, and let us help you make the process as smooth as possible.
Understanding your retirement options
Watch this short video for a simple introduction to the retirement options available
What if we don't have the right option for you?
We might not offer all the retirement options we talk about.
If your preferred option is ‘drawdown’ and your product doesn’t allow for this, you’ll generally need to go through a financial adviser to find the best solution, either from Prudential or from another provider. Some providers might offer drawdown without the need to take financial advice. You may be charged for any advice you receive.
Depending on the type of plan you have, you may be entitled to a valuable guarantee. This could give you a higher income than you would get from other providers but we recommend you shop around to find what's best for you. If your plan has a guarantee and you want to take some or all of your money as cash, please think carefully before you make any final decisions and you might need to speak to a financial adviser. You'll find details of any guarantees your plan has and what they mean for you in your retirement options pack.
You might need to pay tax depending on your circumstances and the options you choose. Tax rules can change in the future.
When can you access your pension?
You can access your pension from age 55 onwards (changing to age 57 from 6 April 2028, unless you have a protected pension age). To do this, you’ll need an up-to-date Retirement Options Pack (valid for 12 months).
How to get your Retirement Options Pack
- Request a pack anytime from age 55.
- We’ll automatically send one six months before your selected retirement age.
- If you plan to retire at 55, contact us six months before to request your pack.
The quickest way to request your Retirement Options Pack is through your online account. It’s fast, secure and easy to use - your pack will be delivered directly to your online document store once requested.
Already registered? Access your product details, update your information and message us directly using our Online Service.
Your next steps
Call us
For most options, you’ll need to call us. This applies to taking cash (cashing-in), taking a guaranteed income and combining your options. Please have your plan number ready so we can direct you to the right person.
Get advice
If you’re 50 or over, we strongly encourage you to use Pension Wise. It’s a free, impartial service by the government-backed MoneyHelper service that offers guidance on all the options available for your pension savings. You can have a free consultation online, over the phone or face-to-face. To book a free appointment call 0800 280 8880 or visit moneyhelper.org.uk/pensionwise
Speak to a financial adviser
If you’re planning to move your pension to a drawdown product or take your cash in stages, you’ll need to consult with a financial adviser first.
- Financial advice is required before moving to a drawdown product or taking cash in stages.
- Other providers may offer these options without advice, so shop around before deciding.
- Find a financial adviser via moneyhelper.org.uk/pensionwise.
For more information on your retirement options, please download our brochure.
Other things to consider
Deciding what to do with your pension pot is a big decision. Here are some common questions and answers to help you.
If you have a serious health condition and your life expectancy is significantly reduced, you might be able to have all of your pension paid out as a tax-free lump sum. This applies to people with less than 12 months to live.
For more about how we can help if you’re suffering from ill health or a terminal illness, visit our Care and Support hub.
It's important to make sure your pension lasts as long as you need it to and you have enough to support you and your loved ones throughout your retirement. You should also consider the impact of inflation on your income in the future.
How and when you take your money can have a significant impact on the amount of tax you pay. You may also have to pay emergency tax which you would then have to claim back.
The importance of leaving money to your loved ones will have an impact on which option you choose for taking your money. Also, you may want to adjust your income or lump sums depending on how much you want to leave.
If you're not ready to start taking your money yet or you choose an option where some of your money remains invested, then it's important to make sure you're invested in the right funds for you. Over time things can change and what used to be the right fund for you may no longer be. It's important to regularly review your fund choice.
When choosing a guaranteed income for life, you could get a higher income if you or your partner's health and/or lifestyle conditions are considered. This is known as an enhanced annuity. It's important to shop around as some companies may not offer this option and you could get a higher income elsewhere.
