Taking benefits

A technical term for accessing your pension. You can ‘take benefits’ at any time following your 55th birthday, though this is rising to 57 in 2028.

You can access your pension in a variety of ways, including drawdown, a series of smaller lump sums or an annuity. Usually you can take the first 25% of your pension tax free.

How to access your pension

View all Jargon Buster terms

Popular terms