Can I take my pension as a full lump sum?

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Pension flexibility changes introduced on 6 April 2015 mean that taking your pension savings as a full lump sum is now an option on many types of pension plan. Whilst this option may seem appealing, it's important to confirm the specific benefit options available on your own policy, and the consequences of taking a full lump sum payment before you decide.

You can find out more about this option on the Full lump sum page(Opens new window) on Your Retirement Planner.

We strongly recommend you get guidance or advice before taking a full lump sum payment.

Pension Wise is a free and impartial government service which can give you guidance to help you understand your options at retirement. The service is available via the internet, telephone or face to face. You can contact them at pensionwise.gov.uk(Opens new window) or on 0800 138 3944.

You can also speak to your financial adviser if you have any questions. If you don't have a financial adviser, please visit unbiased.co.uk(Opens new window)