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Take several cash lump sums

You can withdraw some of your pension pot as cash when you need it. Up to 25% of each amount you withdraw is tax free and the balance is then taxed at your highest rate of income tax
The additional income withdrawal could push you into a higher tax band.

Your provider may impose charges for your withdrawals, or specify a maximum number of withdrawals that can be taken in any period.

Taking several cash lump sums

More flexible, keeping options openIncome is not secure. The income and the value of the investments could fall or even run out
You keep control of your savings and how they are investedMore complex, needs regular review and may require advice
Depending on how long you live, and performance of the funds, the money may be insufficient to support prolonged retirement
You can change the amount of income you receive and its timing to suit youThis strategy won't provide a regular income for you or for any dependant after your death
Potential for growth, increasing income and protection from inflationPotential for poor performance, reduction in value if markets fall
Up to 25% of each withdrawal is tax-free

When you get to 75 years of age, the amount of each withdrawal you can receive tax free will be subject to a maximum of a quarter of the Lifetime Allowance. You will not be able to take further withdrawals once your lifetime allowance is used.

Getting guidance and seeking advice on the appropriate solution for you is very important.

You can get guidance to help you understand your pension options from, a free and impartial Government service.

Regulated financial advice can also be sought to help you decide how to take your pension. At Wesleyan we're here to help and our financial consultants will help you find the solution that's right for you.

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