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Approaching retirement

Last reviewed: December 2024

No one really knows what the future holds but understanding your pension choices will help you get the most from your retirement and make the money you’ve got last for the rest of your lifetime.

There’s no rush to decide and you can leave your pension untouched for as long as you like.

How can I use the money in my pension pot?

There are three ways to take your money from your pension:

  • Take a bit at a time (known as drawdown)
  • Take it all in one go
  • Buy a regular, guaranteed income (an annuity)

You can choose a combination of these or mix and match them over time. This short video explains these options in more detail.

How should I invest the savings in my pension pot?

Your pension pot will probably be the biggest amount of money you’ll save over your working life, so you’ll want to make sure it is invested properly. There are different options available so it’s worth speaking to a financial adviser or one of the government support services such as MoneyHelper.

Relax knowing your retirement is in safe hands

Because we believe in the value of financial advice, we recommend you speak to your adviser about how you can make the most of your pension savings. If you don’t have an adviser, we’ll help you find one.

Find an adviser

The Collective Retirement Account

As an experienced pensions provider, we’re trusted by over 240,000 pension customers*. Our Collective Retirement Account, available on our platform, offers a wide range of flexible options to you with no additional costs.

Collective Retirement Account

Questions and answers

Our simple questions and answers will help you understand more about how to save for your retirement using a pension.

Pension support

* Data as at 31 October 2024.

Saving for retirement

If you’re saving for retirement a pension is a good place to start.

Saving for retirement

Quilter Financial Planning Network only: This financial promotion was approved by Quilter Wealth Ltd, Quilter Financial Services Ltd, Quilter Mortgage Planning Ltd, Quilter Financial Ltd, Quilter Financial Planning Solutions Ltd & Lighthouse Advisory Services Limited on 13 June 2023.