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% of the total value of your savings as a tax-free lump sum.
If you choose to take your savings pot as a flexible lump sums, you’ll be taking your tax-free cash a little at a time. 25% of each lump sum will be tax free, and the rest will be subject to Income Tax.
Please note that this option isn’t available to you if you have both defined contribution and defined benefit pensions with TPT.
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.
Other retirement options are available, you can click here to find out more. When you're reviewing your retirement options, you’ll need to read our Risk & Warnings page.
If you haven't registered for your Retirement Savings Account yet, click here to find out how you can do it