Leave it for now

You may not need the money just yet, in which case you might want to consider leaving your pension pot invested.

Defer your pension for later

  • Your pension pot has the potential to keep growing until you’re ready to take it.
  • You can continue to work, it’s your decision when to stop.

How It Works


Nigel's Story

Nigel has reached his State Pension age but is still working as a pub landlord. Having looked at the income his pension would provide, he doesn't feel that retiring now would give him enough to maintain his current lifestyle. He hopes that in a few years’ time his pension savings might generate a more comfortable income.

Nigel's Pension Pot

Change the pot size to see how it affects Nigel's figures

    • Nigel's pension pot
  • Add
    • He leaves it for
  • Equals
  • Could grow to around

Please click here to read the assumptions we’ve made

There are other factors that have an impact on what Nigel gets

Find out what they are by reading Nigel’s full story.

Things to consider

If you die before you take any money out of your pension pot, the money will go to your dependants tax-free if you die before age 75.

It may be subject to taxation if you die at aged 75 or over.

Many people have an idea of the income they will need to live comfortably in retirement. If your pension pot won't provide that much, there are a number of things you could consider to boost your income or help it go further.

You can continue to work and defer taking your pension pot or State Pension. Alternatively you can take either and continue to work.

Unless there are very good reasons, your employer cannot terminate your employment just because you reach a certain age.

If you don't need the income just yet, you can defer your State Pension which will increase the amount paid when you do claim it.

Protecting your pension

Your plan is fully covered by the Financial Services Compensation Scheme. More information about compensation arrangements is available from the Financial Services Compensation Scheme, who can be contacted on 0800 678 1100 or 0207 741 4100 or at their website at www.fscs.org.uk

Look at your other pension options

A guaranteed income for life

Get a fixed amount of money every month until you die.

View this option

Flexible access

Take your money out when you need it and leave the rest invested.

View this option

Take it all in cash

Take all your money in one go to use as you please.

View this option

Return to: Taking your money

Go back to the taking your money home page to look at a different stage.

Taking your money

Taking your money

Have you thought about what your plans mean for your retirement income? Our calculators can help you work it out.

Retirement calculators

Combine your pensions

Got more than one pension? Then you could think about putting them all in one place. Combining your pensions with Scottish Widows is simple and we won't charge you for this service.

Pension transfers