Great news: pensions are now more flexible.
When you reach 55, you've got more options to retire the way you actually want.
There are three ways you can use your retirement savings. But you don't need to choose just one; you could even do a combination of the options offered.
Take all or part of your savings in cash, with a tax-free lump sum of (usually) around 25%
Take as much or as little as you want from your savings, while the rest remains invested.
What is pension drawdown and how does it work?
Here we explain what annuities are and why they might be a good idea. We also explain their disadvantages. It’s really important to consider all the pros and cons carefully prior to buying an annuity.
How you can get money out of your pension without falling into a tax trap.
How should people invest in ISA’s, pensions or both
We're here to help you understand how to make the most of your pension savings. If you have any questions or just want a better understanding of it all, simply get in touch with our retirement service to talk about it in more detail.
0800 368 6882
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The Government's Pension Wise service offers free, impartial guidance to help you understand your options at retirement.
You can access the guidance online at www.pensionwise.gov.uk or over the telephone on
The Pensions Regulator has published some useful information on how to protect yourself against scams.
Please note that this link will take you to an external site
This information is not investment advice or a recommendation for any particular product, service or course of action. Pension and retirement planning can be complex, so if you are unsure of the suitability of a pension investment, retirement service or any action you need to take, please contact Fidelity’s Retirement Service on 0800 368 6882 or refer to your financial adviser.
The value of investments and the income from them can go down as well as up and you may get back less than you invested. Eligibility to invest into a pension depends on personal circumstances and all tax rules may change. With pension products you will not be able to withdraw money until you reach age 55.