Take your pension savings when it’s right for you
Learn how your selected retirement age affects your pension and investments.
Understanding when to take your pension
Your pension is designed to support you after you stop working, and the longer your money stays invested, the more chance it has to grow. You can take your pension from age 55 (57 from 2028), but most people wait to take their money in their mid-60s.
Your selected retirement age
Your selected retirement age is an estimate of when you’ll want to start taking your pension. By default, this age is the same as your State Pension (usually 66 or 67), but you can change it whenever you like.
Despite the name, it doesn’t mean you have to keep working up to that age. You can start taking your pension money while you’re still working or stop working before you begin taking the money.
The main impact is on your pension investments. As you get closer to this age, if your pension is invested in certain funds, we gradually move your savings into lower-risk options to help protect them.
You can update your selected retirement age by logging in to your online account.
How changing your selected retirement age could affect your savings
Changing your retirement age won’t stop you from accessing your pension money. However, if your pension savings are invested in one of our investment profiles, we’ll start moving your money into lower-risk options 15 years before your selected retirement age. This could affect their ability to grow.
For example:
- If you work past this age, your investments may be growing more slowly even though you’re still earning.
- If you retire sooner, your savings may not yet be as well-protected as they could be.
Your State Pension age
The exact age you can access your State Pension depends on how old you are now. The full rate of the new State Pension is £230.25 per week, but you can defer (delay) it, which could increase your payments.
Taking your pension savings early due to ill health
Taking pension savings before the usual age may be possible when someone has a life expectancy of less than 12 months or is suffering from ill health. Our page on pension savings and ill health explains how this works.
Making your pension savings last
It’s natural to think about taking your money early, but your pension may need to last for many years. Many of us underestimate how long we might live. Using our retirement planner can help you map out your future and see how much money you might need.
