What happens to my UK pension at age 55?
In most cases, when you turn 55 (or 57 from 2028), you have several options to access your UK workplace or personal pensions. How and when you start to access your UK pension(s) will depend on your retirement goals and the type of pension(s) you have. Options can include:
- Doing nothing
- Flexi-access drawdown
- 100% lump sum payment
- Partial lump sum payments
- Drawing your defined benefit pension
- Taking the CETV of your defined benefit pension and transferring it into a personal pension to access other retirement income options
- Choosing a combination of the above to suit your specific retirement goals
Living in the US can make it hard to know what UK retirement income options will best meet your retirement goals. It can be complicated to compare the options yourself and what is best for you will depend on many factors. We can help. To learn more about the options available contact a Florin Pensions advisor.