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Blending your Retirement options

20th October 2020

Balance of flexibility and security to suit your circumstances

If you are looking for a balance of flexibility and security to suit your circumstances, you could consider blending your retirement options. You don’t have to choose one option when deciding how to access your pension pot – you could set up a combination of options to suit you.

You can usually take up to 25% of your pension money as tax-free cash as you choose which options to take. But remember that with any option, tax benefits are subject to change and depend on your individual circumstances. You can also keep saving into a pension if you wish, and get tax relief up to age 75.


Which option or combination is right for you will depend on:

  • Your age and health
  • When you stop or reduce your work
  • Whether you have financial dependents
  • Your income objectives and attitude to risk
  • The size of your pension pot and other savings
  • Whether your circumstances are likely to change in the future
  • Any pension or other savings your spouse or partner has, if relevant


Everybody’s situation is different, so how you combine the options is up to you. You could choose to buy a guaranteed income for life with some of your pension money, while leaving some to provide a flexible income or cash lump sums when you need them. Or, if you plan to ease into retirement, you may choose to take some money flexibly to start with, and then later buy an annuity to provide a guaranteed income.


Don’t forget, in addition, you can usually take up to 25% of your pension tax-free. This can be taken all in one go or over time, depending on the options you choose.

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