Your pension choices at retirement
You can access your pension savings any time after your 55th birthday, but you may want to retire later
You can choose how and when to access your savings
Everyone's situation is different. Depending on your circumstances when you do reach your chosen retirement age, you'll have a range of options. But at the moment, all men and women in the UK can access their pension savings at any time after their 55th birthday.
The Smart Pension Master Trust has a default retirement age of 65. That might not work for you, as you may want to carry on working or you might decide to retire earlier. From 6 April 2028, the Government plans to change the normal minimum pension age to 57.
We've made it easy to change your retirement date. Sign in to your account to check your retirement date or update it. You'll find the details in the 'Funds' section of your Smart Pension account.
You can choose how and when to access your savings
Everyone's situation is different. Depending on your circumstances when you do reach your chosen retirement age, you'll have a range of options. But at the moment, all men and women in the UK can access their pension savings at any time after their 55th birthday.
The Smart Pension Master Trust has a default retirement age of 65. That might not work for you, as you may want to carry on working or you might decide to retire earlier. From 6 April 2028, the Government plans to change the normal minimum pension age to 57.
We've made it easy to change your retirement date. Sign in to your account to check your retirement date or update it. You'll find the details in the 'Funds' section of your Smart Pension account.
Making decisions about your income in retirement
There are a number of different ways you can access your pension savings. What you choose to do will depend on your situation. It’s very important to make an informed decision because you can’t change your mind about it at a later date. The Pension Wise website keeps up to date information about your options, and we recommend that you speak to an independent financial adviser.
Making decisions about your income in retirement
There are a number of different ways you can access your pension savings. What you choose to do will depend on your situation. It’s very important to make an informed decision because you can’t change your mind about it at a later date. The Pension Wise website keeps up to date information about your options, and we recommend that you speak to an independent financial adviser.
Discover Smart Retire
Whilst we recommend that you speak to an independent financial adviser, we recognise that doing so can be expensive and therefore not accessible to everyone. And even with all the information available out there, sifting through the technical jargon and pension terminology to try and understand what your options are can still be a battle.
For this reason, Smart has worked tirelessly over the last couple of years to develop Smart Retire. An innovative retirement tool, Smart Retire is designed to guide individuals through their retirement journey by giving them a range of customisable options to meet their ever-changing needs.
Learn how Smart Retire can help you
Discover Smart Retire
Whilst we recommend that you speak to an independent financial adviser, we recognise that doing so can be expensive and therefore not accessible to everyone. And even with all the information available out there, sifting through the technical jargon and pension terminology to try and understand what your options are can still be a battle.
For this reason, Smart has worked tirelessly over the last couple of years to develop Smart Retire. An innovative retirement tool, Smart Retire is designed to guide individuals through their retirement journey by giving them a range of customisable options to meet their ever-changing needs.
Learn how Smart Retire can help you
Taking your pension savings later
If you want to stop working but don’t want to start drawing on your savings, you can become what’s known as a ‘deferred member’. This means you wouldn’t be paying into the scheme, but we would still be managing your savings for you.
Taking your pension savings later
If you want to stop working but don’t want to start drawing on your savings, you can become what’s known as a ‘deferred member’. This means you wouldn’t be paying into the scheme, but we would still be managing your savings for you.
Carry on working but start using your savings
We don't offer this at present but some providers will let you take up to 25% of pension savings as a tax-free lump sum as soon as you turn 55. Many people do this when they 'semi-retire'. It can reduce the annual allowance to £10k per year for contributions to a money purchase scheme.
You might:
- stop paying in, but leave your pension savings alone
- stop paying in and take a lump-sum tax free
- stop paying in but start to decumulate – drawdown some savings regularly
- leave your savings as they are, and keep paying in
If your pension savings are worth £10,000 or less, you could take the whole amount. It all depends on your circumstances. If you do decide to take your savings but carry on paying into the scheme, then the amount of tax relief you will receive will reduce.
For all small lump sums, please contact us at [email protected]. When you come to access your funds, you will need to complete the retirement options form (pdf).
If you need help completing and returning this application form to us, read our step by step guide. You can also read our Retirement options guide for more information.
Carry on working but start using your savings
We don't offer this at present but some providers will let you take up to 25% of pension savings as a tax-free lump sum as soon as you turn 55. Many people do this when they 'semi-retire'. It can reduce the annual allowance to £10k per year for contributions to a money purchase scheme.
You might:
- stop paying in, but leave your pension savings alone
- stop paying in and take a lump-sum tax free
- stop paying in but start to decumulate – drawdown some savings regularly
- leave your savings as they are, and keep paying in
If your pension savings are worth £10,000 or less, you could take the whole amount. It all depends on your circumstances. If you do decide to take your savings but carry on paying into the scheme, then the amount of tax relief you will receive will reduce.
For all small lump sums, please contact us at [email protected]. When you come to access your funds, you will need to complete the retirement options form (pdf).
If you need help completing and returning this application form to us, read our step by step guide. You can also read our Retirement options guide for more information.
Carry on working and pay more into your pension
When you do review your pension savings, you might want to boost your retirement income with higher contributions for a while. Boosting your pension savings is easy.
Carry on working and pay more into your pension
When you do review your pension savings, you might want to boost your retirement income with higher contributions for a while. Boosting your pension savings is easy.
Don't retire, carry on contributing
If you’re still employed, you can simply carry on paying in to your Smart Pension. We do need you to keep us up to date if you delay your retirement, though. It’s important, because we want to manage your savings responsibly.
If you decide you’d like to carry on working, we will update our systems to reflect that. We can also then carry on giving you annual statements that include a more accurate projection of your income. If you are still contributing to your pension after your 75th birthday, then at the moment tax relief isn't available.
Don't retire, carry on contributing
If you’re still employed, you can simply carry on paying in to your Smart Pension. We do need you to keep us up to date if you delay your retirement, though. It’s important, because we want to manage your savings responsibly.
If you decide you’d like to carry on working, we will update our systems to reflect that. We can also then carry on giving you annual statements that include a more accurate projection of your income. If you are still contributing to your pension after your 75th birthday, then at the moment tax relief isn't available.
Risk warnings
There are many risks that you may encounter whilst saving for your pension. Our risk warnings page highlights the key details you need to be aware of for each step on your journey to financial stability.
Risk warnings
There are many risks that you may encounter whilst saving for your pension. Our risk warnings page highlights the key details you need to be aware of for each step on your journey to financial stability.
Instant changes to your
pension savings
You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.
Instant changes to your
pension savings
You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.
Instant changes to your
pension savings
You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.
Instant changes to your
pension savings
You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.
Instant changes to your
pension savings
You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.
Instant changes to your
pension savings
You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.
Instant changes to your
pension savings
You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.
Instant changes to your
pension savings
You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.
Smart Pension's fund choices
Smart Active Impact Bond Fund
Aims to invest in bonds which have an environmental impact and generate financial return above the global green bond market, taking into account Environmental, Social and Governance issues when selecting investments.
Smart Active Impact Equity Fund
The aim of this fund is to invest in equities which provide growth over the long term (being a period of five years or more) and invest in companies that contribute to the achievement of the United Nations’ Sustainable Development Goals.
Smart All Stocks Index – Linked Gilts Index Fund
Aims to track the return of the FTSE Actuaries British Government Index Linked All Stocks Index, which features UK government bonds with returns linked to the Retail Price Index (RPI).
Smart Annuity Fund
Aims to improve potential outcomes for investors likely to purchase fixed annuities by providing a diversified exposure to assets that reflect the broad characteristics of investments underlying a typical traditional level annuity product, incorporating Environmental, Social and Governance (“ESG”) considerations as part of the investment strategy.
The fund cannot provide full protection against changes in annuity rates for individual members as these also depend upon a number of other factors (e.g. changes to mortality assumptions).
Smart Cash Fund
Aims to maintain capital and provide a return in-line with money market rates by investing in a range of money market securities denominated in sterling.
Smart Ethical and Climate Fund
Aims to track a filtered index, which excludes companies that operate in industries that breach certain ethical criteria.
Smart Global Bond Index Fund
Aims to invest in different types of bonds in the UK and overseas, taking into account Environmental, Social and Governance factors.
Smart Growth Fund – Higher Risk
This fund carries a higher risk of fluctuation to your savings than other growth funds available but has the potential for high growth, though this is not guaranteed.
Smart Growth Fund – Lower Risk
This fund carries the lowest risk of fluctuation to your savings than other growth funds available but also reduced likelihood of a high return. It may be suitable if you are concerned about volatility.
Smart Income Fund
Aims to provide long-term investment growth up to retirement, and to support flexible income during retirement, taking into account Environmental, Social and Governance factors.
Smart North America Equity Index Fund
Aims to provide broad exposure to companies in the North American equity market, taking into account Environmental, Social and Governance factors.
Smart Sharia Fund
Aims to create long term appreciation of capital through investment in a diversified portfolio of securities which meets Islamic investment principles.
Smart Sustainable Growth Core
Aims to take advantage of Environmental, Social and Governance factors by investing more in companies which score well in these areas.
Smart Sustainable Growth Fund
Aims to take advantage of Environmental, Social and Governance factors by investing more in companies which score well in these areas to mitigate Environmental, Social and Governance risks and benefit people and the planet by having a moderate allocation to investments contributing to solutions for environmental and social issues.
Smart Sustainable Growth Plus
Aims to take advantage of Environmental, Social and Governance factors by investing more in companies which score well in these areas to mitigate Environmental, Social and Governance risks and benefit people and the planet by having a high allocation to investments contributing to solutions for environmental and social issues.
Smart UK Equity Index Fund
Aims to provide broad exposure to the UK stock market, taking into account Environmental, Social and Governance factors.
Smart World (ex UK) Developed Equity Index Fund
Aims to provide broad exposure to large and mid-cap companies in the developed world, excluding the UK, taking into account Environmental, Social and Governance factors.
Smart World Emerging Markets Equity Index Fund
Aims to provide access to key emerging economies taking into account Environmental, Social and Governance factors.
