You can start to take your pension from the age of 55.
Part of your pension can be taken as a tax-free lump sum, usually up to 25% of the fund. The balance can then be used to provide an annuity, which is provided by an insurance company. This gives you a secure regular taxable income for the rest of your life in exchange for your pension fund. Certain guarantees and death benefits can be added at the time you purchase the annuity.
Once set up, the annuity is fixed and cannot be altered.
Key points to take into account
Whatever your needs, for what is arguably one of the most important stages in your financial life, we would be happy to discuss this with you to see what we can do to help.