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.

  If you have Prudential MPAVC savings too (if you began paying additional contributions before October 2016) they all must be taken in one go (you can’t specify an amount).

  Note: if you flexibly retire then your tax-free cash can still only be 25% (a limit set by HMRC) of the value of the lower amount of benefits you’re taking at that point in time. When you fully retire later you will be able to take 25% of your remaining benefits as further tax-free cash.

• 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.

  If you take cash payments (UFPLS) later from your Investment Builder pot, part of your payment might still be tax-free.