You can take as many lump sums from your pension pot as you’d like, until you’ve used it all up or decide on another option. The first 25% of every sum you withdraw is normally tax free. You’ll pay tax on the rest. The money you leave in place stays invested, so the overall value of your savings could grow. It’s important to remember, though, that it could fall too.
Leaving your pension savings in the pot and taking lump sums whenever you choose gives you financial flexibility when you need it. For example, you might want to access what you need in an emergency, but otherwise leave the rest of your pot for later life.
If there’s anything left in the pot when you die, it should go to whoever you’ve nominated as the beneficiary. If that happens before you turn 75, the money can be passed on tax free.
You can always decide later to do something else with your savings.
Transferring your pot to another provider
