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Retirement Choices

Flexible retirement

It may be possible to take your benefits while you are still working. How this works will depend on the rules of your pension schemes.

If you're still working, you are able to take the benefits from your workplace pension or open your pension pot, to give yourself an additional income. This means that you don't have to retire or stop working before taking your pension benefits.  

This may be a useful option if you've decided to reduce your working hours and therefore, need some extra income. Please be aware that pensions are taxed as earned income and as such, is in addition to any other income that you are receiving and you should consider your tax situation before proceeding.

The rules on drawing benefits from your workplace pension scheme or provider vary and it’s not an automatic right to be able to do this. So, you should check with your scheme administrator who will be able to provide you with more detail.

If you've been paying AVCs to a defined benefit scheme, you may be able to take the benefits from your AVCs separately, and leave the pension built up in your workplace pension scheme, or the other way round. You need to check with your scheme to see if you are allowed to do this.

Before making your decision you should consider the future impact of any early retirement pension income that you receive to ensure that you have enough money when you have to completely give up work and to take into account any other pension benefits and State Pension that you will receive.

Frequently asked...

Where can I find out more?

If you need more information, please contact us. A pension specialist from our team will be happy to help with whatever pensions-related question you have. Our help is always free.

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