When can I spend the money in my pension? 

When you reach 55, you will be able to access your pension. You will be able to withdraw 25% of the total value as one tax-free lump sum if you wish, and there are several options available to help you decide how to live on the remainder. 

There are different ways of using your pension to generate an income for the rest of your life, either by taking out enough each year to cover your spending money that year and leaving the rest invested, or by buying a product called an annuity that essentially pays you a salary for the remainder of your life. It’s usually a good idea to take specialist financial advice about what to do with your pension pot when you retire.

Are there any exceptions? 

In certain circumstances, such as serious illness or accident, you will be able to access your pension early. If you were to pass away before you reach 55, your Penfold pension would be transferrable and available as a pension to a spouse, civil partner, dependent child or other individuals nominated by you. The pension can either be paid as an income or the fund can be used to buy an annuity for the individual you nominate.

Find out more about pensions in general.

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