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Accessing income from your pension
From age 55 (rising to 57 from April 2028), you can begin drawing income from your defined contribution (or money purchase) pension by purchasing an annuity, which provides a guaranteed income for life or a fixed term.
Our website is here to support you with free, unbiased, and helpful information on pensions and annuities—giving you the clarity and confidence to make informed decisions about your retirement income.
Types Of Annuity
Conventional Annuity
Also known as a lifetime annuity, it provides a guaranteed income that won’t run out, no matter how long you live. Once it’s set up, your income stays fixed—or increases, depending on the type you choose—and isn’t affected by changes in the stock market or interest rates.
Fixed-Term Annuity
A fixed term annuity offers a way to secure a guaranteed income from your pension savings over a defined period—without locking into a lifetime commitment. It allows you to keep future options open, including the possibility of taking a cash lump sum or purchasing another income product later on.
Enhanced Annuity
An enhanced annuity, also known as an impaired life annuity, uses personal health and lifestyle information to provide a potentially significant boost to your retirement income.
About Pensions
How The State Pension WOrks
The State Pension is a key part of retirement income for many people in the UK.
If you’re approaching retirement age—or just planning ahead—it’s worth understanding how it works, how much you might receive, and what your options are if your record isn’t quite complete.
When Should You Consolidate Your Pension Pots?
If you’ve worked for a few different employers or opened personal pensions over the years, you might find yourself juggling several pension pots. It can feel a bit untidy—and that’s where pension consolidation comes in.
Bringing your pensions together into a single scheme could make life easier, cut down on fees, and help you stay in control of your retirement planning.
Are You Owed Money from the State Pension?
The State Pension is meant to be a reliable foundation in retirement—a steady income after decades of working, raising a family, or both. But for thousands of people, that promise hasn’t been fully delivered.
A long-running issue with underpayments has come to light, affecting around 237,000 pensioners, most of them women. The total amount owed is staggering—over £1.5 billion—and in many cases, it’s money that should have been paid years ago.
Can You Get a State Pension If You’ve Never Worked?
If you’ve never had a paid job—or only worked for a short time—you might be wondering where that leaves you when it comes to the State Pension. It’s a perfectly valid concern, especially when the State Pension forms the main retirement income for so many people in the UK.
How to Increase Your Pension Pot
As you get closer to retirement, it’s natural to start thinking more seriously about your pension savings. Whether you’re in your early fifties or just a few years from finishing work, there’s still plenty you can do to boost your pension pot and improve your financial outlook.
Even small changes now could make a big difference later—giving you more freedom, more comfort, and more peace of mind in retirement.
How to Protect Yourself from Pension Scams
If you’ve worked hard to save for retirement, the last thing you want is for a scam to undo years of planning. Sadly, pension fraud is a very real threat, and falling victim can be financially devastating. But by understanding how scams work and how to spot the warning signs, you can take simple, sensible steps to keep your pension safe.
How to Trace Lost Pensions
Have you worked for different employers over the years? Moved house a few times?
If so, you may have lost track of one or more pensions along the way. It’s surprisingly common—and it could mean that some of your hard-earned retirement savings are sitting untouched in old accounts.
Should You Defer Your State Pension?
As retirement approaches, one decision that might come up is whether to take your State Pension as soon as you’re eligible, or hold off for a bit longer to receive more later on.
For some, deferring can make financial sense. For others, it could mean missing out. Like most things to do with money and retirement, the right choice depends on your circumstances—your health, income, lifestyle, and plans for the future.
When Can You Access Your Pension?
If you’re starting to think about using your pension savings—whether to ease into retirement, pay off your mortgage, or simply enjoy more flexibility with your time—it’s important to know when you’re actually allowed to access the money. This is where the Normal Minimum Pension Age (NMPA) comes in.
At the moment, you can usually access your pension from age 55. But from 6 April 2028, that age will rise to 57—and this change could have a real impact on your retirement plans, especially if you were aiming to stop work a little earlier than the norm.
Useful Guides
A Guide To Annuity Providers
A Guide to GILT Yields
Retirement Income Options
How Are Annuities Regulated?
Pension Annuity vs Other Retirement Income Options
Should I Choose a Single or Joint Life Annuity
Three Things You Should Know About Your Pension Savings
Using a Fixed Term Annuity to Bridge an Income Gap
What Is The Open Market Option?