Taking benefits
A technical term for accessing your pension. You can ‘take benefits’ at any time following your 55th birthday, though this is rising to 57 in 2028.
You can access your pension in a variety of ways, including drawdown, a series of smaller lump sums or an annuity. Usually you can take the first 25% of your pension tax free.
More on accessing your pensionPopular terms
Lump sum and death benefit allowance
This is a limit on the total tax-free lump sums that can be paid from your pensions both in your...
Lump sum allowance
When you access your pension, you can usually take up to 25% of the value tax-free. The lump sum allowance...
Ready-made pension
A simple, low-cost pension where you choose from four AJ Bell fund options.
Money paid in is automatically invested...