bing
Skip to content

Pension Options

There are a number of options available to anyone who wants to access their personal pension benefits (or other suitable pension plan), aged 55 or over.

Under the rules, one of the fundamental changes is the freedom to access your entire pension fund. This means you could take the whole amount as a cash lump sum or make income withdrawals from it through a number of new and enhanced options.

There are a number of retirement options that could be available to you:

Leave your pension pot untouched
- and take it later. Leave-your-pension-pot-untouched








Use it to buy a guaranteedUse-it-to-buy-a-guaranteed-income-for=life income for life
- called an annuity. The income is taxable, but you can choose to take up to 25% of your pot as a one-off tax-free lump sum at the outset.




Use it to provide a flexible retirement income

- called Flexi-access drawdown' or Use-it to-provide-a-flexible-retirement-income'income drawdown'. Take 25% of your pension pot (or of the amount you allocate for drawdown) as a tax-free lump sum, then use the rest to provide a regular taxable income.



Take several cash sums

- the first 25% of each cash withdrawal from
your pot will beTake-small-cash-sums tax-free. The rest will be taxed. Doesn't allow you to take 25% of your whole pension pot tax-free up front.





Take your pot as cash
- the first 25% will be tax-free and the rest is
taxable. Take-your-pot-as-cash








Mix your options

- choose any combination of the above, using
different parts of your Mix-your-options pot or separate pots.







Everybody's circumstances are different and so it is essential that you seek advice and guidance before deciding which pension option is best for you.

Pension Wise is a free and impartial government service that has been set up to help you understand the options available to you.

To find out more about what we can offer in the way of retirement planning, contact your Wesleyan Financial Services Consultant. Alternatively leave your details and we'll call you.

Please remember the value of investments and any income can go down as well as up and you may get back less than you invest. This information is based on our current understanding of legislation. Legislation and tax treatment can change in the future.

Contact us

'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

Click for more information about the Wesleyan group of companies.

© 2019 Wesleyan Assurance Society