How do I access my money?

You can usually take up to 25% of your pension pot as a tax-free lump sum although you are not required to do so.

Your options for the remaining fund after any tax-free cash has been taken are listed below.

• A regular income payable for life, also known as an annuity. You can select options to allow the income to increase with inflation and/ or to provide benefits following your death.
• A flexible income via income drawdown. This allows you to withdraw regular income, payable either monthly or yearly, or to take unlimited withdrawals. There may be minimum withdrawal amounts imposed by the providers. (F)
• Take your full fund as a cash lump sum. (F)
• A combination of the options listed above.

You may have to transfer your Concord pension account to a different pension arrangement before you can exercise some of these options. Your provider will be able to tell you more about this.

Other than a tax-free cash lump sum, all withdrawals are treated as taxable UK income. Additionally, if you take money from your account under a flexible option (marked F above) you may be subject to the Money Purchase Annual Allowance. More information about this can be found on the Tax on your private pension page on the GOV.UK website.

If you are age 50 or over, or are retiring on ill health, you can get free impartial guidance on your options by booking an appointment with Pension Wise – a free and impartial government service that helps you understand the options for your pension pot. Appointments are available by telephone or face-to-face and take about 45 minutes. Further details are available on the Pension Wise website.