FAQs

To access your pension savings via flexi-access drawdown, you must be 55 or over and have a minimum of £10,000 in your pension (or £2,000 if you’ve already taken money before).

Yes, when you reach your normal minimum pension age, you can take your whole pension and use it in any way you want. However, there could be large tax implications and therefore it may be more tax efficient to take the money in stages, leaving the rest invested.

Once an employee is auto-enrolled with an Eligible status, their auto-enrolment status doesn’t change, even if they reach State Pension age, or their earnings drop.

This term refers to the limit on the amount you can save into your pension each tax year and get tax relief on.

The amount of money that you take from your pension could affect any state or housing benefits that you’re entitled to.

Whether you’re moving abroad temporarily or permanently, you’ll still need to be old enough under UK pension rules to access your money (currently age 55).

Under HM Revenue & Customs (HMRC) rules, pension savings cannot normally be taken until your normal minimum pension age.

Normally you can only access your pension before your normal minimum pension age if you’re in ill health.

Your account balance may be in credit – either due to a refund of contributions for employees that have opted out, or due to an overpayment.

"How does flexi-access drawdown work with People’s Pension?"

"Can I cash in my pension?"

"What happens when an Eligible employee reaches State Pension age?"

"What’s the money purchase annual allowance (MPAA)?"

"If I decide to access my pension savings, will my state or housing benefits be affected?"

"I’m moving overseas – how do I take my pension?"

"When can I take my pension?"

"Can I access my pension savings early?"

"Can I transfer the credit on my account to my bank account?"