The Retiready Pension
Having a Retiready Pension offers a tax-efficient way of saving, with simplified investment choices, to help make retirement saving more straightforward.
Benefits of the Retiready pension
- You're in control of your pension
- Guidance available when you need it with Aegon Assist
- Simple investment choices
- 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 combine your pension pots with Retiready
- Access to Your Retirement Planner
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 once you turn 55.
- Before taking benefits you should seek financial advice to make sure you fully understand whether it's in your best financial interests. You should consider shopping around to make sure you get the right solution - PensionWise is a free and impartial government service that helps you understand what you can do with your pension savings.
- Although 25% of the cash lump sum is tax free, any balance is taxed as income which 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 your existing pension funds through Retiready 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.