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Take your retirement, your way

Smart Pension lets you save and take your pension from one account, with flexible options to suit your future plans.

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Flexible retirement, your way

Once you turn 55, you can start taking money from your pension. Bringing your pensions together into one account can make things much easier to manage.

With Smart Pension, you can manage your retirement savings in a way that works for you. There’s no need to move your pension elsewhere. No complicated paperwork, and no big decisions to make.

Smart Retire is your flexible option to move from saving to spending, all from your familiar Smart Pension account.

Mobile screen showing a pension selection app with three results: Pension one (£9,461), Pension two (£11,158), and Pension three (£32,801). A blue 'Transfer' button is below the list.

Transfer your pensions

Check your Smart Pension savings and bring past pensions together in one place for easier management.

Mobile screen interface showing pension balance of £175k with an upward trend graph, a number pad with the amount 10,000 entered, and a blue Deposit button below.

Make a difference

There’s still time to add money to your pension and grow your savings for the future you want.

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Find out how much you need

See how much to save for a minimum, moderate, or comfortable retirement with our calculator.

Understanding your options with us

With one home for your pensions, it becomes easier to decide what feels right for you. You can take a bit of your pension now, save more to take later, or cash it in for a guaranteed income.

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Take lump sum payments

Take all your money at once or in stages when it suits you. You can usually access up to 25% of your pension savings as a tax-free lump sum.

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Save and take at the same time

You can continue saving into your pension while starting to withdraw money, giving you more flexibility as life changes.

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Get a guaranteed income

Use your pension savings to buy an annuity, giving you a guaranteed income for life. We’ve partnered with Pension Potential to help you find the right option.

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Flexible multi-pot model

Put your savings into different pots for regular income, emergencies, later life, or inheritance, and take from there as needed.

Flexible income pot
30%
Rainy day pot
10%
Inheritance pot
15%
Later life pot
45%

Pots for each stage of retirement

Use flexi-access drawdown to take up to 25% of your pension tax-free as a single lump sum. The rest stays invested, split across four pots to suit your needs.

Flexible income pot

Take a monthly income in the early years of retirement.

Rainy day pot

Dip into this pot when you need to and it’ll be in your bank account within eight working days.

Later life pot

Leave money invested for a guaranteed income from an annuity provider later in retirement.

Inheritance pot

Put some money aside to leave behind to loved ones or causes you care about.

Other options

There are other ways you can take your pension, including an annuity or a series of lump sum payments.

Take a series of lump sums

You have the option to continue saving and withdraw lump sums from your savings when it suits you.

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Annuity

An annuity turns your pension into a guaranteed income for life or a set term. The amount depends on your annuity rate and personal factors.

Your next steps

As you start to think about taking your pension, our easy-to-follow steps can help you achieve the best possible retirement. 

Transfer your pensions

Bring past pensions together into your Smart Pension account, see your total savings and make smarter decisions about your future.

Top up your savings

Add money into your Smart Pension whenever you can. Whether it’s a bonus at work or a cash gift from a loved one, top up your pension and grow your savings. 

See how much you need

See how much to save for a minimum, moderate, or comfortable retirement with our pension calculator.

Decide how to use your tax-free cash

From age 55, you can usually take up to 25% of your pension tax-free and you don’t have to take it all at once. Think about how and when you may want to use it.

Get a guaranteed income

Use your pension savings to buy an annuity, giving you a guaranteed income for life. We’ve partnered with Pension Potential to help you find the right option.

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Understanding pensions at retirement

Manage your hard-earned money the way that suits you best.

Manage your money for financial confidence

Your guide to taking control of your money.

Useful tools

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Retirement calculator

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Pension health score

Black hourglass shape on a light blue background filled with white numbers ranging from 13 to 87 scattered inside the shape.

Life expectancy calculator

Understanding your pension

What will retirement cost?

What is the State Pension?

What is the State Pension, and how does it work?

What are uncrystallised funds?

What is an uncrystallised fund and does it affect what I can take out of my pension?

What are crystallised funds?

Everything you need to know about uncrystallised funds

How much tax do I pay in retirement?

How is my money taxed when I remove it from my pensions?

What is an annuity?

What is an annuity, and how does it work?

Can I take my pension as cash?

The answer is yes, but here are key factors to consider. 

Hear from savers like you

Questions you’ve asked most

What are my options at retirement?

How can I access my savings?

How much money will I need when I retire?

What happens if I die before I retire?

What are means-tested benefits?

Can I take my pension savings early?

How can I spot a pension scam?

“It was important I could have flexibility and I got that with Smart Retire.”

We’re here to help you plan for retirement

Everything you need to explore your options and take the next step with confidence.

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Need advice?

Some helpful advice can make a world of difference. Receive free, impartial information and guidance from MoneyHelper and retire with confidence. 

Make retirement easier with one account

Bring your pensions together, see everything clearly, and take your next step towards retirement when you’re ready. 

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Smart Pension app screen shows pension balance graph and a prompt to scan to download the app.
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