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Your pension income options

If you don't need any money from your pension you can leave it all invested as it is. Alternatively, if you do want to access your pension pot then there are a number of ways you can do this.

Important information - the value of investments can go down as well as up, so you may not get back what you invest. Eligibility to invest in a SIPP and tax treatment depends on personal circumstances and all tax rules may change in the future. You cannot normally access money in a pension until age 55 (57 from 2028). It’s important to understand that pension transfers are a complex area and may not be suitable for everyone.

Work out what you have

There are lots of different places where you might get an income for your retirement. You’ll need to know what they are and how much you have so you can plan ahead effectively. Here are some points to consider:

Flexible retirement income (pension drawdown)
Taking lump sums (UFPLS)
Guaranteed income for life (annuity)

Ready to chat?

Talk to someone about your retirement options in more detail

We can help

Close to retirement but unsure about the options and pitfalls ahead? We can offer guidance and advice to help you find the best solution for your retirement. Call us on 0800 368 6882, Monday to Friday, 9am - 5pm.

Fidelity’s retirement service

Pension Wise

The government’s Pension Wise service offers free, impartial guidance to help you understand your options at retirement. You can access the guidance online or call on 0800 138 3944.

www.moneyhelper.org.uk

Helping you choose

Pension drawdown calculator

Understand how much income you could take and how long your pension might last at that rate.

Pension tax calculator

Use our pension withdrawal tax calculator to find out how much tax you could pay if you decide to take a lump sum payment from your pension.

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Bring your pensions together

If you’ve built up a number of pension pots over the course of your working life, bringing your pension plans together into the Fidelity Self-Invested Personal Pension (SIPP) could make them easier to manage.

Not to mention helping you keep an eye on costs and giving you access to a wealth of Fidelity guidance.

You can even track your transfer online, with the status of each request at your fingertips.

Explore pension transfers

Pension drawdown

Learn more about this flexible retirement income option with the pension drawdown guide.

Download the pension drawdown guide
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Make the most of your pensions by bringing them together

If you’ve got pensions spread across different providers, moving them to Fidelity could help you take control and manage your money more effectively. Plus get £200 to £2,000 cashback. Exclusions, T&Cs apply.

Go to offer
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Important information: This information is not a personal recommendation for any particular product, service or course of action. It’s important to understand that pension transfers are a complex area and may not be suitable for everyone. Before going ahead with a pension transfer, we strongly recommend that you undertake a full comparison of the benefits, charges and features offered. To find out what else you should consider before transferring, please read our transfer factsheet. If you are in any doubt whether or not a pension transfer is suitable for your circumstances or if you are unsure about 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 an authorised financial adviser of your choice.