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FULL ENCASHMENT You can take your entire pension in cash from age 55, although from 6th April 2028, you will need to be 57. The first 25% will be tax free. The remaining 75% will be taxed at your highest marginal tax rate - by adding it to the rest of your income.
You can cancel your policy at any time, free of charge. If you cancel within 30 days of its start date, Scottish Widows will refund any payments youve made.
You can opt out within 30 days from the date your employer enrolled you into your workplace pension, and get any contributions youve paid refunded. Check that this is the right decision for you.
Some pensions allow a lump-sum cash-out, offering immediate access to funds but at the cost of potential taxes and penalties. Others require the money to remain in the plan until you reach retirement age, ensuring future income but limiting access.
Call us on 0345 755 6557, Monday to Friday, 9am to 5pm. You can opt out online in Money4Life. Your login details will be in the letter you should have got when you joined the pension. Youll see the link to opt out if youre still able to.
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ACCESS IT FLEXIBLY Take up to 25% of your pension pot as a tax-free cash lump sum, and keep the rest invested in your Retirement Account, taking taxable withdrawals as-and-when you like. The level of income you take and any investment growth will be key factors as to how long your pension pot will last.
Once you reach age 55 you can access your pension pot. From 6th April 2028, you will need to be 57 to access your benefits. Find out more about this change. You can take some or all of it, to use as you need, or leave it so that it has the potential to continue to grow.

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