🟩 Taking Tax-Free Lump Sum

You can usually take up to 25% of your pension pot as a tax-free lump sum. Many people use this for major purchases, debt repayments, or simply to build a financial buffer.

🟩 Flexi-Access Drawdown

This allows you to draw income as and when you need it while keeping the rest of your pension invested. It offers flexibility but also requires careful management to avoid depleting your funds too quickly.

🟩 Annuities

An annuity provides a guaranteed regular income for life (or a fixed period) by converting some or all of your pension pot into an income contract. It offers certainty but less flexibility.

🟩 Full Lump Sum Withdrawal

You can cash in your entire pension, but this may result in large tax bills and leave you without income later in retirement. This option requires very careful consideration.

🟩 Blending Different Options

Many people use a combination of approaches — taking a lump sum, drawing flexible income, and securing some guaranteed income — to create a personalised income strategy.