Retirement Freedoms

Following changes introduced in April 2015, you now have more flexibility and choice than ever before over how and when to take money from your pension pot. So, what are these retirement freedoms? The changes give you more choice over how you can use your pension pot(s) if you’re 55 or over and have a pension, based on how much has been paid into your pot (a defined contribution scheme).

When and how you use your pension

Whether you plan to retire fully, reduce your hours gradually or to carry on working for longer, you can now tailor when and how you use your pension – and when you stop saving into it – to fit with your particular retirement plans.

Currently, the minimum age you can take any workplace or personal pension is age 55. You need to check with your scheme provider or insurance company to make sure the scheme will allow this. This is proposed to increase to age 57 by 2028.

From 2028 onwards, the proposal will be for the minimum pension age to increase in line with