Once you turn 55, you’ll need to think about:
You can start taking your TPT savings any time once you’ve reached age 55. Remember though, unless you have other savings or income, this money will need to last for the rest of your life.
You can choose how to use your retirement savings from one, or a combination of, the following options:
Regardless of which option (or options) you choose, you are able to take 25% (or a quarter) of the total value of your savings as a tax-free lump sum.
One option available to you when you choose to take your savings pot is to take lump sums as and when you want. This is known as flexible drawdown.
With the ‘flexible drawdown’ option, you would need to transfer your savings pot out of the Scheme to another provider who specialises in flexible drawdown plans. You could then take lump sums from your savings pot with the new provider as and when you need to.
Don’t forget – you can take 25% of your retirement savings tax-free. You can either take 25% of your full pot as a tax-free amount or you could take 25% of each withdrawal as a tax-free amount until you've reached your maximum tax-free cash allowance. With this option it’s important to keep your investment choices under regular review.
You can use the modeller and tools on your Retirement Savings Account to help you plan for retirement.
Pension Wise is a free impartial guidance service offered by the government. Click here to find out more on the options available to you and the types of support they can offer you.
If you haven't registered for your Retirement Savings Account yet, click here to find out how you can do it