The Government announced pension freedoms in the 2014 Budget and it started from 6 April 2015. It means anyone aged 55 has greater choice over how to use the money they've been saving in their pension.
broken down retirement into life stages so you can follow our journey to learn
how you can aim to make your money work harder throughout your retirement
With the new pension freedoms you can
take your pension whenever you like. But actually building up your retirement
savings in the first place isn’t always easy. We’ve looked at ways you can save
during the build up to retirement.
An adviser can help you understand your options and recommend the best path for you.
If you don't have a financial adviser you can use unbiased.co.uk to find one near you.
When making a retirement plan it's a good idea to think about how you want to build up your retirement savings, and how you want to use your savings when you stop working. Once you turn 55, you can take your retirement savings any way you like: as a lump sum, an income, or both.
Please note that the value of investments can go down as well as up and are not guaranteed. You could get back less than you invest.