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Accessing your pension savings

Take your next step with confidence.

Whether you’re ready to take your pension, planning ahead or simply exploring your options, this page brings together the information, tools and guidance you may need, to help you take the next step.

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Understand your retirement options

There’s more than one way to take your pension. The options available to you will depend on your plan and circumstances. 

Take some time to read your Retirement Options Pack, along with the information below.

Once you have an idea of what you want to do next, for most options, you’ll need to call us. 

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

Annuity

  • An annuity lets you use some or all of your pension savings to buy a guaranteed income either for life, or for a set period of time. It can be a good option if you'd like the reassurance of a regular income in retirement and prefer certainty over flexibility.

Cashing-in

  • From age 55 (57 from 6 April 2028), you can take your pension as cash, either all at once or in stages. Usually, up to 25% can be taken tax-free, with the remainder taxed as income. Taking larger amounts could affect how much tax you pay.

    While taking cash gives you immediate access to your savings, it could reduce the money available later in retirement. So it's important to consider how long your pension needs to last. 

Drawdown

  • Access your pension flexibly while keeping the rest invested for potential future growth. You decide how much and when to withdraw, but your income isn't guaranteed and the value of your pension can fall as well as rise.
Interested in drawdown?

If you don't want or need personal recommendations, you can set up drawdown yourself, either with us or another provider. This may be a simpler and more cost-effective option, although you'll be responsible for making your own decisions.

A financial adviser can recommend whether drawdown is suitable for you and help you decide how to manage your pension savings. Advisers will normally charge a fee for their services.

Combining your options

  • You don't have to choose just one way to access your pension. Depending on your needs, you may be able to combine options such as taking cash, buying a guaranteed income (annuity), setting up drawdown, or leaving some of your pension invested for later.

    A combination of options can help you balance flexibility and financial security, creating a retirement income plan that's tailored to your goals and circumstances.

Deferring your pension

  • You don't have to access your pension as soon as it becomes available. You can delay making a decision until you're ready. Leaving your pension invested for longer could give it more opportunity to grow, but remember, the value of your investment can go down as well as up, so you might not get back the amount you put in. 

Useful guides

Free pension access guide

Make your pension work harder for you. This free guide gives you the clarity and support you need to plan a better retirement.

Unlock Your Pension Potential
Free guide retirement options guide

Impartial information to help you make an informed decision.

Your pension, your choice

Plan for retirement

When we'll contact you 

We'll contact you at key points as you approach retirement, so you have time to understand your options and decide what’s right for you. 

pension information

Age 50

We’ll send an information pack and your pension summary. 

letter

Age 55

We’ll send your first Retirement Options letter.* 

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Every 5 years

We’ll continue to send updated retirement information until your Selected Retirement Date. Packs normally arrive 4 to 10 weeks before each milestone age. 

letter

4 to 6 months before

We’ll automatically send a Retirement Options Pack six months before your selected retirement date. 

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6 weeks before

We’ll send a reminder pack to help you prepare.

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Age 75

We’ll send another Retirement Options letter and reminder.

* From 2028, the minimum age to access your pension will rise to 57, affecting most people born after 6 April 1973.

You don’t need to wait for a milestone

You can request a Retirement Options Pack at any time from age 55. We'll also send one when you request a pension quote or take money from your pension.

Request your Retirement Options 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.

Get started

To get started, simply register for our Online Service.

Register
Already registered?

Access your product details, update your information and message us directly using our Online Service.

Log in

If you don’t have access to our Online Service, please call us to request your Retirement Options Pack.

Tools and calculators to help you plan

Income Tax and tax relief calculator
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Retirement contributions calculator
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Retirement income planner
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Emergency Tax tool
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Pension Pot Calculator
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Consider financial guidance and advice

Guidance


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, go online or call 0800 011 3797.
 

Visit Pension Wise
Information


An impartial money advice website, set up by the government to help improve your finances.

 

Visit MoneyHelper
Personalised advice


You may want to consider getting financial advice if you're unsure which retirement option is right for you. You can find an independent financial adviser through Unbiased. They can help you understand your options and recommend solutions based on your individual circumstances.

 

Find an adviser
M&G Advice

 

M&G Advice offers a paid financial advice service. If you don't already have a financial adviser, you can find out more about the service, including how it works and the charges that may apply.

 

Book your chat

Financial advice

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Access your pension

You can normally access your pension from age 55 onwards (changing to age 57 from 6 April 2028, unless you have a protected pension age). You’ll need an up-to-date Retirement Options Pack, which remains valid for 12 months.

Accessing some or all of your pension typically takes 4-6 weeks, depending on the option you select. 

Ready to access your pension?

Call us

To make sure you speak to the right team, call us using the number on your Annual Benefit Statement or Retirement Options Pack. Or you can call 0800 000 000. Please have your plan number ready so we can direct you to the right person.

Manage your plan online 

The quickest and easiest way to access information about your Prudential product, manage it, or to make changes to certain personal information, is through our Online Service.

New to our Online Service?

Registering is quick and easy. 

Register for our Online Service
Already registered?

Access your product details, update your information and message us directly.

Log in

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.

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.

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.

How we can help

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.

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