There are a number of ways in which pension benefits can be accessed after you reach pension age, including purchasing an income for life (known as an annuity), withdrawing a lump sum or using your pension pot to provide a direct income via drawdown.
Moneybox offers the following options:
You can access your pension via drawdown, where you can take tax-free cash and/or taxable income while keeping the remainder of your pension invested;
You can withdraw a lump sum (subject to tax) directly from your Moneybox Pension; or
You can take a tax-free lump sum from Moneybox and use the rest of your pension to purchase an annuity from a provider of your choice.
Further details about these options can be found in our Key Features document.