Aa Aa Aa
Adjust text size

Can I take my pension as a lump sum?

Currently you can take up to 25% of your Pension Account as a Tax Free Lump Sum. You can then use the balance of your Pension Account to take:

- Income Drawdown – allows you to take some income from your retirement savings whilst leaving the balance invested. If you wish to take-up this option you will need to transfer your entire Pension Account to a provider that offers income drawdown

- Cash Lump Sum – if aged between 55 and 75 you can take your Pension Account in cash (known as an UFPLS) as either a single payment or up to 4 multiple payments.