Understand more

Here are some of the key things you need to know to help you shape the future you want.

What are the pension basics I need to know?

There’s a lot to understand when it comes to pensions. Before making any big decisions, it's important to understand:

  • how pensions and tax work
  • the allowances that apply to pensions
  • what happens to your pension when you die.
Understanding the basics

How much do you need to retire?

Give yourself time to think about how you see your life in retirement. Make sure you have a good idea about:

  • the lifestyle you want when you retire
  • any retirement plans you have
  • how much income you’ll need.
How much you need to retire

When should I take money from my pension?

You can normally start to take money from your pension when you reach age 55, although this is set to increase to 57 in 2028. You don't need to take your money as soon as you reach age 55, but you can take some if you’d like. If you think you'll need more than you're currently on track to get, there are things you can do such as:

  • pay more into your pension
  • combine existing pensions
  • change where your pension is invested
  • think about other sources of income.
When to take your money

What next?

We hope this information has helped. We think you can never know enough when it comes to your pension.

Are you ready?

If you're ready to think about your pension options, take the next step.

Your pension options

Extra help

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