Generate your income

Generate your income

When it comes to taking your retirement income, you now have more choice than ever before about when and how. So, what are your options?

Your first decision is whether you’d like to take any tax-free cash from your personal pension savings. You can take up to 25% completely tax free.  

Your next decision is how to use the rest of your pension pot to give you an income in retirement.

Your main options are securing a guaranteed income for the rest of your life, also known as a pension annuity, using drawdown, withdrawing taxable lump sums, taking all of your pension savings as cash or combining some of these options.

If you are a home owner who is already retired or who doesn’t have enough savings to enjoy the retirement you'd like, then releasing equity from your home may be an option for you.

Learn about your options and what to consider when deciding how to use your pension savings with our plain talking guides.

Guaranteed income

Understand more about shopping around for the best annuity rates and the options you can choose.

Using drawdown

Drawdown is a flexible product that enables you to draw an income while your pension remains invested

Tax-free cash

Usually up to 25% of your pension savings can be taken tax-free.

Taking your pension as cash

You are now able to take out your entire personal pension savings as cash.

Staying invested

You may decide to delay converting your pension into a retirement income.

Using equity release

As a UK homeowner you may consider releasing equity from your home to supplement your retirement income

Combining options

Sometimes your circumstances may mean no single product quite meets your needs.

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