Retirement: Drawing Your Pension
Your pension: it’s time to choose.
- Thinking about accessing your pension pot?
- Deciding how to take your retirement income
- Shopping around for the best income
This guide to Retirement: Drawing Your Pension is produced by the Money and Pensions Service which is an arm’s-length body of Government, bringing together the Money Advice Service, Pension Wise and The Pensions Advisory Service, and providing money guidance, pensions guidance and debt advice (in England).
The guide is for you if you are planning to access a pension pot built up from contributions into a personal or workplace pension.
It sets out your options for using your pot(s) to provide a retirement income and the benefits and any potential risks of the different choices.
It also tells you about key actions you need to take as you approach the time you want to access your pension pot (whether you are retiring or not) and how we can help you weigh up your options for taking your pension.
The pension rules are quite detailed. And they can affect different people in different ways. To see how they might affect you, please get in touch.
Please note
Increase from 2028 – There is an intention to link the earliest date you can take retirement benefits to the age individuals can access their State Pension, from 2028.
This would mean that when State Pension age increases to 67 in 2028, the normal minimum pension age will also increase from 55 to 57. From then on it will remain 10 years below the State Pension age.
The change will affect most people born after March 1973, although public service schemes for Firefighters, Police and the Armed Forces are unlikely to be affected by the change.
The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investing in shares should be regarded as a long-term investment and should fit in with your overall attitude to risk and financial circumstances.
Mr W Fenton, Hove
Friendly and efficient
I have always found Pembroke friendly and efficient.
Michelle & Bill Telford, Ringmer
Impressed with the performance of our pensions and ISA
I just wanted to say that I’m really impressed with the performance of our pensions and ISA. In such difficult times it is clear to me that the decisions that the investment committee have made have protected our investments very well.
