The Retiready Pension
Having a Retiready Pension offers a tax-efficient way of saving, and planning for your retirement.
Benefits of the Retiready Pension
How a Retiready Pension can help you:
- Keep control of your pension with access to Your Retirement Planner and our range of tools to help keep your pension savings on track.
- Guidance on your retirement options when you need it with Aegon Assist.
- Clear charges.
- Tax relief on your contributions
(For example, for every £80 you pay, tax relief boosts the amount invested to £100).
- Up to 25% tax-free cash option when you retire.
- You can transfer any other pension pots you have into your Retiready account.
- You can register for a free Retiready account and get your own Retiready score.
Things to think about
- The value of an investment can fall as well as rise and isn't guaranteed.
- You can only access your pension pot once you turn 55 (increasing to age 57 on 6 April 2028).
- Before you access your pension pot you should get financial advice - there may be a charge for this. You should consider shopping around to make sure you get the right solution. Pension Wise, a service from MoneyHelper, is a free and impartial government service offering guidance about your retirement options. This service is available online at MoneyHelper, by phone on 0800 138 3944 or face to face by appointment.
- You can usually take 25% of your Retiready Pension pot as a tax-free cash sum when you retire, any remaining balance is taxed as income and may put you in a higher tax bracket, especially if you take it all in the one tax year. Read How will you be taxed? to see more information on how this works.
- The value of any tax relief depends on your individual circumstances.
- The tax information provided on this page is based on our understanding of current tax law and HMRC practice - which may change.
- Transferring any other pension pots you have into your Retiready account is subject to terms and conditions.
- Transferring a pension may not be the best option for you. You may lose features, protections, guarantees or other benefits - so make sure you compare products before transferring. It’s up to you to decide if this is the right decision for you. If you’re not sure, speak to a financial adviser - there may be a charge for this.
It’s important to remember the value of your consolidated pension pot can still fall as well as rise and the final value of your pension pot when you come to take benefits may be less than has been paid in.
Any new funds you move your money into will have their own set of risks that will be detailed in the fund information available to you.
Retiready Pension additional information
We're flexible. You can simply make one-off payments, monthly contributions and/or transfer funds in from another registered pension pot.
- No set-up or transfer fee.
- A maximum service charge of 0.5% a year depending on the value of your fund - taken monthly.
- Each fund has its own investment charge that will vary depending on the fund. Details of the investment charges can be found on our fund factsheets.
- 0.25% of any investment made goes into a cash facility within your Retiready Pension to cover the service charges. We'll pay interest on this amount.
We may vary these charges. If we do so, we will let you know.