Freedom & Choice

Since 2015, pension rules have changed significantly under the UK’s "Freedom & Choice" reforms. These give you far greater flexibility in how you can access your pension savings at retirement.

🟩 More Control Over Your Pension

You’re no longer restricted to purchasing an annuity. You can choose when and how much income to take, leave your funds invested, or withdraw your entire pot if you wish (subject to tax).

🟩 Options Available

Take a tax-free lump sum (usually 25%)
Flexi-access drawdown for flexible income
Purchase an annuity for guaranteed income
Full lump sum withdrawal
Mix and match several approaches

🟩 Benefits of Pension Flexibility

This flexibility allows you to tailor your retirement income to your lifestyle, spending needs, and personal circumstances, rather than being locked into a rigid income solution.

🟩 Risks and Considerations

With more control comes more responsibility. Without careful planning, there’s a risk of withdrawing too much too early, facing unexpected tax bills, or running out of funds later in retirement.