When it comes to using the savings pot you've built up over the years you've got more opportunities than ever before. Find out what your options are, and what you need to think about when it comes to tax and the State Pension too.

Planning how you take your savings pot

Taking a step into a different way of life is always a mix of excitement and nervousness. And retirement is no different. There are many choices to make – not least what you'll want to do with your time and how you'll want to access your savings.

Your options at retirement – you could choose one or more of:

Note: As you get closer to retirement, you might want to consider getting expert financial advice to help you understand the different options available and the best option/s to meet your needs. Find out more here.

Investing as you approach retirement

  • It’s a good idea to check where your savings pot is invested as you get closer to the date you want to take it, so you can see if your investment option reflects how and when you want to take your savings. You can pick from a range of options should you wish to make a change. Remember, your savings pot will be invested in a Target Date Fund unless you changed to another option. Your savings pot will remain invested in this option until you make changes or decide to take it.

    Reviewing your investment
  • Investment fund factsheets

    Learn more

Accessing your savings pot

Here's what you can do, and can expect to receive from us, in the 12 months before you take your money.

Read our handy guide to the process below:

Retirement timeline

When you're reviewing your retirement options, you’ll need to read our Risk & Warnings page.

  • 12
    Start thinking of what you want
    Check your paperwork and take guidance if you think you need it.
  • 6
    We’ll send you a retirement pack
    It’ll confirm your options and explain the next steps.
  • 3
    Time to choose
    If you need more time or change your mind, let us know.
  • Time to spend your money
    You’ll receive confirmation once we’ve set everything up for you.
  • The State Pension

    Most people will receive a State Pension. The amount you receive depends on how many 'qualifying years' you have when you reach State Pension Age.

    Visit the HMRC website
  • Beware of Scams

    Unfortunately, people approaching retirement are often targets for scams. Make sure you know what to look out for and how to spot an offer or a request that isn't legitimate.


Not registered yet?

If you haven't registered for your Retirement Savings Account yet, click here to find out how you can do it