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Learn about 7 commonly used strategies below and consider which may fit your needs best. Use the 4% rule. Make tax-conscious withdrawals. Make fixed-amount withdrawals. Withdraw earnings, not principal. Adopt a total return strategy. Tap your savings by bucket. Effective use of required minimum distributions.
Change your investment choices Call 0345 716 6733 and we can make the switch for you. Were open Monday to Friday 9am5pm. Please have your Retirement Account number to hand if you call us.
When can I access my pension? At the moment, you must be aged 55 or over before you can access your pension. The UK Government is increasing this to 57 from 6th April 2028. You may be able to take your pension earlier if youre suffering from ill-health or have a protected pension age (PPA).
You can withdraw up to 5% of your total investment every plan year, for a maximum of 20 years, without incurring an immediate tax charge. If you choose to withdraw more than your 5% tax deferred allowance per year, this will create a chargeable event gain and a possible income tax liability.
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.
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People also ask

Miss F complained to Scottish Widows about mistakes she said theyd made in administering her pension. In early October 2022, Miss F brought her complaint to the Financial Ombudsman Service. Miss F said that Scottish Widows had made mistakes on transactions and fund switches in her pension plan.
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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