Retirement Planning Tool

Do you want to take a tax-free cash lump sum with your retirement income?

  • You can choose to have a higher monthly income and a lower cash lump sum – or vice versa. But there’s a limit on the amount of benefits you can take as tax-free cash. We’ll tell you this when we send you your retirement quote. To see how taking more or less tax-free cash might affect you, use our Benefit Conversion Tool.

  • This is the only time you can take a tax-free cash lump sum – when you retire and take your monthly income too.

    You can’t come back and do this after you fully retire. If you don’t take a cash lump sum you’ll get a higher monthly income instead.

Useful Resources:

When you retire, you’ll get an income for life and a one-off, tax-free (up to a limit) cash lump sum of three times your pension. You can choose to have a higher monthly income and a lower cash lump sum – or vice versa. It’s up to you.