At Retirement

When can I take my money?

  • Normally you need to be 55
  • You can take benefits earlier if
    • You are in poor health
    • You're in a profession where the retirement age is lower
    • You have a protected retirement age

Flexible Retirement

Under Flexible Retirement rules, you have the option to take some or all of your pension while you are still working.

  • This means that you don't have to stop work completely before taking your pension benefits  
  • This may be a useful option if you've decided to reduce your working hours and therefore, need some extra income 

Combining pension pots at retirement

If you’ve had more than one job during your working life, it’s likely that you may have paid into more than one defined contribution pension scheme. If you’ve got several different pots, it may be worth combining them as you near the date when you want to draw retirement benefits.

Pension Freedoms

The Government announced pension freedom in the 2014 Budget to start in the 2015/16 tax year. 

Pension Freedoms is about how you use your pension savings and introduced new ways to take your pension, including taking all of it as cash.


Under pension freedoms, anyone aged 55 and over can take the whole amount as a lump sum, paying no tax on the first 25% and the rest taxed as if it were a salary at their income tax rate.


You can use some or all of your pension pot to provide you with an income in retirement. These products are known as “Annuities”.

  • Annuities can provide you with a guaranteed income
    • Payable for the rest of your life or for a fixed number of years if you prefer 
  • You can also build an income for your spouse or partner should you die
  • Annuities are provided by Insurance Companies
    • There are many different types available and each one has a number of different options that you can select from
    • Some annuities may be more suitable than others for your particular circumstances (such as if you are in poor health)


Income drawdown is a way of using your pension pot to provide you with a regular retirement income by reinvesting it in funds specifically designed and managed for this purpose. The income you get will vary depending on the fund’s performance. It isn’t guaranteed for life.

There are many ways that you can receive an income with this option.

Salvus Retirement Portal

The Salvus Retirement Portal can provide you with a wider selection of options at retirement to allow you to fully benefit from Pension Freedoms.

You may be interested in drawdown and Salvus can help you achieve this. Importantly if you have other pensions that do not allow you to draw down your benefits then we can help you consolidate your pension pots to maximise your options.

Click here to find out more about Salvus Retirement Portal.