You can start withdrawing your pension from a defined contribution pension from age 55 (increasing to 57 in 2028).
What are my options?
If you have a defined contribution pension, whether it’s a workplace or a personal pension, you have a number of options:
Moneybox offers the following options:
Withdrawing directly from your Moneybox pension as a full lump sum. Moneybox offers both Small Pots Lump Sum (provided that your pension meets the criteria) and Uncrystallised Funds Pension Lump Sum (UFPLS).
By receiving a tax-free lump sum from Moneybox and using the rest of your pension to purchase an annuity from a provider of your choice. You can find information on purchasing an annuity on MoneyHelper's website here.
By taking a mix of tax free, and taxable cash. This is sometimes know as flexi-access drawdown.
Leave your pension where it is - If you have a defined contribution pension and want to delay retiring, you can keep building your pension pot until you are 75.
If you are unsure about your options then we recommend you look at the attached ‘Your Pension Your Choices’ document which has further information about accessing your pension. You can also speak to PensionWise who offer free, impartial guidance on Defined Contribution Pensions.
Please note that Moneybox cannot offer personalised financial advice or make specific recommendations based on your individual circumstances. If needed, seek independent financial advice before making a decision about your retirement.