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I want to access my pension

Retiring can be an exciting time in your life but there's a lot to take in. We're here to support you and help you understand all your options. We recommend you get financial advice before making any final decisions. Accessing some or all of your money usually takes 4-6 weeks, depending on which retirement option you choose.

 

Watch this short video for a simple introduction to the retirement options available

You’ll be able to access your pension from age 55 onwards - changing to age 57 from 6 April 2028. To do this you’ll need an up-to-date Retirement Options Pack (valid for 12 months). 

You’re welcome to request a pack at any time from age 55. Otherwise we’ll automatically send you one 6 months before your selected retirement age. If you’re considering retiring when you reach age 55, please get in touch 6 months before this to request your pack.

The best way to request a Retirement Options Pack is through Live Chat in your online account, available Monday to Friday 08:30 to 18:00. Your pack will be available online in 5 working days. Or you can complete this form and we'll post your pack in 10-14 working days.

Your pension options

Once you reach 55 (57 from 6 April 2028) you can take your pension as cash, either all at once or in stages. If you think this option may be right for you, please watch this video to help you understand some important considerations.

  • When you take money out of your pension pot, the first 25% is usually tax-free and the rest is subject to income tax.
  • The remaining 75% will be added to any other taxable income you have and depending on how much you take, it could push you into a higher tax bracket.
  • For example, if you took out £1,000, up to £250 would be tax-free and you may have to pay tax on the other £750.
  • If there’s any money left in your pension when you die then this can be left to your loved ones.

Taking money from your pension could affect your entitlement to mean-tested benefits such as universal credit.

If you have any questions you can contact the Department for Work and Pensions (DWP).

Calculators and tools to help you plan

Taking tax-free cash

It’s possible to access only the 25% of your pension pot that’s tax-free as cash, but this generally means you’ll need to move the remaining 75% of your money to a drawdown or annuity product. Please refer to these options for more information and details of next steps.

Next steps

To cash in your pension, either in part, or in full:

  • We’ll need to speak to you over the phone. This will normally take around 25 minutes.
  • Please call us on 0800 000 000.
  • To get through to the right person when you contact us, make sure you have your policy number to hand.

If you are facing financial difficulties please follow this link and scroll down to find extra sources of help.

You can choose to take your full tax-free lump sum, usually up to 25%, and the rest when you need it.

If you move your pension into a drawdown product, your provider will pay the tax-free amount as cash and the rest will go into your drawdown pot and remain invested.

Anything in your drawdown pot will be treated as taxable income when you decide to take it.

  • You can take the remaining 75% whenever you like. You can take it all at once or take little bits when you need it. It’s important to note that it’s taxable.
  • Any money you haven’t taken will remain invested, which means it has the chance to grow. But, as with all investments, it could go down in value and you could get back less than you put in.
  • If there’s any money left in your pension when you die then this can be left to your loved ones.

Learn more about taking tax-free money

Next steps

If you want to move your current pension to a drawdown product, or take your cash in stages, you’ll need to take financial advice. It’s possible that other pension providers may offer these options without the need to take advice. You may be charged for any advice you receive. You should shop around before making a final decision.

Find a financial adviser

You can usually choose to take up to 25% of your pension pot tax-free. 

  • The remainder is used to give you a guaranteed income for the rest of your life. This income will be subject to tax.
  • Choosing this option means you can’t normally leave a lump sum to your loved ones when you die. However, when you first take a guaranteed income for life, you can choose to leave an income for a loved one.

Learn more about a guaranteed income

Next steps

We can refer you to an annuity provider.

Please call us on 0800 000 000 and we'll help you get started.

You don’t have to choose just one option - you can mix and match. And if you have more than one pension, you can do different things with each of them.

  • Other providers might offer you alternative choices.
  • Depending on how you access money from your pension pot, you may only get one chance to take your tax-free amount.

Next steps

To find out more about taking a combination of options from your pension pot, please call us on 0800 000 000.

If you’re between the ages of 55 and 75, you don’t need to make a decision now. You can leave your pension where it is, but please let us know so we can provide you with the right support and information when you need it. And if you’re approaching age 75, we really do need to know your intentions as most of our pension plans aren’t designed to run beyond this time.

The easiest way to do this is to use your online account.

You can also find other ways to contact us.

To find more information on your options at retirement, please download our brochure

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.

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Help for existing customers

Other things to consider

Deciding what to do with your pension pot is a big decision. Here are some important points to consider:

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.

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 taken into account. 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.

Need more help?

We know there’s a lot to consider when planning for retirement, and it can be tricky to know where to start. To help you understand all your retirement options, we recommend speaking to your adviser or getting guidance.

Find a financial adviser

Find an independent financial adviser in your area to help you in your future pension planning.

 

Visit unbiased.co.uk and enter your postcode.

 

 

Pension Wise

Pension Wise is a free and impartial guidance service offered by the Government. They can’t make recommendations or tell you how to invest your money, but they will provide information on a range of available pension options.

Visit moneyhelper.org.uk/pensionwise or call 0800 280 8880 to book a phone or face-to-face appointment.

M&G Wealth Advice

Like Prudential, M&G Wealth Advice is part of M&G plc. Its aim is to make financial advice more accessible for more people and it can provide advice on a range of products from Prudential and other carefully selected providers. This is known as restricted advice.

Book an appointment or call us on 0800 434 6630.

 

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"Prudential" is a trading name of Prudential Distribution Limited. Prudential Distribution Limited is registered in Scotland. Registered Office at 5 Central Way, Kildean Business Park, Stirling, FK8 1FT. Registered number SC212640. Authorised and regulated by the Financial Conduct Authority. Prudential Distribution Limited is part of the same corporate group as the Prudential Assurance Company Limited. The Prudential Assurance Company Limited and Prudential Distribution Limited are direct/indirect subsidiaries of M&G plc which is a holding company registered in England and Wales with registered number 11444019 and registered office at 10 Fenchurch Avenue, London EC3M 5AG, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority. These companies are not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in the United Kingdom.