How do I release money from my pension?

07 September 2022

Question by Sarah

How do I release money from my pension?

Answered by Boring Money

Hi Sarah,

Thank you for your question.

You can access funds in a pension from age 55.

How you access your funds will depend on the type of scheme you hold (Defined Benefit vs Defined Contribution).

New rules were introduced in 2015 allowing you to access funds from a DC scheme flexibly. This is a popular option but not right for everyone. Accessing lump sums and annuities are another route.

You may wish to speak with the provider about what options are available.

The Money Advice service can also help to explain your options, without providing financial advice.

If you would like to speak with a financial adviser, we can help. We offer an initial meeting at our cost to establish how/if we can help.

Hope that helps.

Oliver McDonald

Answered by

Boring Money