Scottish Widows | Retirement | Taking your money

Manage your pension income

Bob

If you’ve accessed your tax-free cash and you’ve still got money in your plan, it means you have flexible options. How much to take and when? Which funds should you invest in? It’s up to you to choose.

Bob's story

Meet Bob. He’s 60. He has decided to down his tools and pick up on his hobby – his boat. He wants to take his 25% tax free lump sum to do up and kit the boat out. So that leaves him the rest of his money to enjoy on the water. He will get his State Pension in five years, but he wants to live on more than that. Should he splash out? How much will he need to keep afloat?

Bob's Pension Pot

    • Change the pot size to see how it affects Bob's figures
  • Bob takes his 25% tax free lump sum
    £17,500
  • Left in Bob's Pot
    £52,500

Is your pension income with us?

This means you have a Retirement Account pension. To see what you have at the moment, look at your last statement, log in or sign up to secure services, or call us on 0345 716 6733.

If you need to make changes, here’s how:

Change what you take out

The more you take out now, the less you will have later. Take care you don't run out too soon.

Change Income

Choose different funds

You should take a regular look at your investment funds. No funds can guarantee growth, nor are they free from risk.

Switch funds

Add money to your retirement pot

Just because you’ve taken some retirement money out of your plan, it doesn’t mean you still can’t pay money back in.

Add money