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Retirement products
Whether it’s looking for an income or ways to save, we’ve got products for all your retirement options.
What would you like to do?
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- Tax depends on individual circumstances that can change. Tax rules can also change.
- Pensions are a long-term investment. The retirement benefits you receive from your pension plan will depend on a number of factors including the value of your plan when you decide to take your benefits which isn't guaranteed, and can go down as well as up. The value of your plan could fall below the amount(s) paid in.
* Some existing customers have the option to move into flexi-access drawdown through their current pension plan.
Product type Good for Features & benefits Find out more Flexi-access drawdown - Flexible product suitable for saving towards, and taking income in, retirement
- Save and take an income when and how you want to
- Take up to 25% of the value of your pension as a tax-free lump sum
- Take taxable income directly from your remaining pension pot
- Choose when and how often you want income paid
- Take ad-hoc taxable income payments when you need them
- If you die before you've taken all your pension pot, its value will usually be paid as a lump sum to your beneficiaries.
Flexible access Taking a lump Sum - Take some or all of your pension as a lump sum
- Leave the rest of your money invested for now
- Take how much you need, when you need it
- 25% of each withdrawal you take is tax-free, 75% is taxed. The taxable part of your lump sum gets added to your taxable income for the year. This could push you into a higher tax bracket.
- Keep paying into your pension, you can then set up an annuity or Flexi-access drawdown later
Pension Lump Sum Annuity
- Getting a guaranteed taxable retirement income for the rest of your life
- Knowing how much you’ll get and when
- When you buy an annuity, you can take up to 25% as a tax-free lump sum.
- Choose how often you want to receive an income at set up to pay for the rest of your life
- Arrange to have an income paid to your dependant after you die
- Income is largely determined by your age, the size of your fund, where you live, interest rates and any features or benefits included at the time of purchase
Standard Annuity Enhanced Annuity - Getting a guaranteed taxable retirement income for the rest of your life
- Could give you a higher income than a standard annuity
- Knowing how much you get and when
- The features and benefits are the same as standard annuity
- You may get a higher level of income if you have a qualifying medical condition or lifestyle that could reduce your life expectancy
- Even if you think you are healthy, you could receive a higher income than from a standard annuity
Enhanced Annuity 
What you should consider before retirement:
Take a look at ways to boost the savings you have for retirement and how you can make saving easier.
| Product type | Good for | Features | Find out more |
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| Workplace Savings |
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Workplace Savings |
Personal pensions |
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Ready-Made Pension |
Some existing customers have the option to move into flexi-access drawdown through their current pension plan. |
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What you should consider before retirement:
Take a look at ways to boost the savings you have for retirement and how you can make saving easier.