Leave it for now

You don’t have to take your pension as soon as you reach age 55 (from 6th April 2028, you will need to be 57). If it's right for you, it's fine to leave your pension savings where they are.

Things you need to understand about leaving it for now

You can keep your savings where they are and make a decision when you’re ready. It’s important to regularly review where your pension is invested to make sure it’s still right for you, particularly if your pension is invested in a ‘lifestyling strategy’ option. As you approach retirement, this may move you into lower-risk investments which are not designed for long-term investment.

Please review your investments regularly to make sure they’ll meet your retirement needs and suit your attitude to risk. Some investments, such as cash, are likely to be affected by inflation. The effects of inflation mean that money is unlikely to buy as much in the future as it will today, as the price of goods and services increase.



  • Your pension stays invested so has the potential to grow, however investments can go down in value as well as up.
  • You can continue to pay into your pension until you’re 75. You can make changes to your payments at any time.



  • With some pension plans, you have to use the value of your savings to take benefits before your 75th birthday.
  • Some pensions have guarantees built into them, that may only apply when taking benefits at certain times. These could make a difference to how much you could get if you retire earlier or later than the date your provider expects you to. It’s a good idea to check if your pension has any guarantees before you decide what to do.

Manage what you've got

If you’ve got more than one pension plan, you might be able to combine some, or all of your pensions in one place. This could make it easier to manage and might save you money in fees.

Combining pensions isn’t right for everyone. You need to be careful that you don’t lose any guarantees or features, and you should also compare the charges and funds.

You need to make a decision about your pension before you reach 75

It's a good idea to work out what you want to do with your pension before you reach age 75. Some pensions have rules that mean you have to do something with your pension before then.

We’ll get in touch with you before you reach age 75 to let you know your options.

If you don’t tell us what you want to do before you turn 75, all of your pension savings could be used to buy an annuity from age 75. This gives you a guaranteed income for life. But you won't get to take tax-free cash or choose a different option that could suit you better. You also miss the opportunity to shop around for the best deal.

  • If you die before you reach age 75, your pension will normally be paid tax-free to your beneficiary. They can then choose to take it as an annuity, a lump sum or through beneficiary drawdown.

    If you die after you reach age 75, your beneficiary has the same options, but these will be subject to tax.

  • Choosing how to take your money is a big decision. Pension Wise from MoneyHelper is a free and impartial service that helps you understand your options for using your pension. It’s a government organisation that offers guidance online or over the phone. To find out more or book an appointment visit moneyhelper.org.uk/pensionwise or call 0800 138 3944.

    If you’re unsure or need more help to make sure you know which option is right for you, we recommend that you speak to your financial adviser. If you don’t have one, you can visit unbiased.co.uk to find one. Advisers will normally charge for their advice.

Ready to leave it for now?

If you’re happy that you’ve considered all your options and you’d like to leave it for now, you don’t need to do anything. Get in touch if you want to change your retirement age, make any changes to the amounts you’re paying in, or make changes to your investment options.

Get in touch


Have a closer look at your options

Flexible access to your pension savings

Flexible access to your pension savings

You can leave your pension savings invested, and take parts of your pension or withdraw a flexible income when you need it.

Flexible access

Take a guaranteed income for life (annuity)

Take a guaranteed income for life (annuity)

Use your pension savings to provide a regular guaranteed income for life.


Take it all in cash

Take it all in cash

You can take all of your pension savings as cash.

Take it in cash

You don't have to use just one option. You can combine these options in many different ways to meet your needs. Have a look at our table (PDF, 50KB) to help you compare the options.



Calculate and compare your retirement options.

Retirement options calculator

Extra help

Extra help

Do you have a question?

Need a quick answer to a simple question?

Chat to us, just click the chatbot tab on the right.


Talk to someone

This is great for more detailed questions and pensions guidance.

Find the number that's right for you on our contact us page.