Taking your pension
Unlike some other pensions, Retirement Account offers a range of ways to access your pension benefits using the same policy.
You need to consider that your circumstances can change and you may decide to defer your retirement, take it early or change how you want to access your benefits. Individual tax circumstances and tax rules can change.
Your questions answered
You may already have an idea of how you want to take your pension benefits. However, it’s important to go back and review your situation before deciding. Your decision should be based on a number of things including your age and health, if you plan to stop working altogether or just reduce your hours, if you’ve got financial dependents and whether you’re looking for a fixed or flexible income.
You ought to consider how much you might need to spend in retirement and also think about if you plan to use any savings or assets you have outside of the pension. For example you might be considering downsizing your home.
To help you understand what income you will have in retirement it’s worth seeing what you might receive as part of the Basic State Pension. Do remember you won’t be able to take your State Pension until you’re in your mid to late 60’s.
Check your state pension here.
If you’re in ill health you may be able to take your pension benefits before age 55, if you are in serious ill health you may be able to take your whole pension pot as tax-free cash. Serious ill health means you have been diagnosed with less than 12 months to live.
Important legal information
Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS).