Choose more than one pension option

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You’re not limited to a single choice when you’re deciding what to do with your pension savings. You could take your pension using many different options over time. If that’s what you’d like to do there are some things you need to consider. This page tells you more.

How does choosing multiple pension options work?

You could, for example, use part of your savings to create an income, take another part as a lump sum and leave the rest where it is for now. You can decide later how to use the remaining savings – maybe as a guaranteed income for the rest of your life.

Things to consider

You need to consider how much income you need now and for the rest of your life. You also need to decide how important it is to you that the level of income is guaranteed.

If you have more than one pot, you could use different options for each pot. You could combine your savings into one pot and use a mixture of options.

It’s important to shop around to find the best deal for you. Not all pension providers offer a mix of options. Some only offer a limited range of choices. Remember that you can always switch providers to give you the flexibility you need.

There’s a lot to consider, so we’d always recommend speaking to an impartial expert. You’ll find a range of ways to do that in where to get help.

Next steps

If you've decided you'd like to take a combination of options from your pension savings, get in touch with our contact centre to let us know.

To access your pension savings, you’ll need your retirement pack from us. It shows your up to date pension policy information and the options available to you. If you don’t already have your pack, you can ask for it using our online request form.