Personal Pensions

Personal Pension in detail

At your selected pension date, you have a number of options to choose from:
- The value of your plan will be used to provide a taxable income, either from us or another pension provider. It can be provided by either buying an annuity, or by transferring to an ‘income drawdown’ plan.
- You can take up to 25% of the plan value as cash, currently tax-free, in return for a smaller income.
- You can normally start taking your income from age 55. In certain circumstances, you may be able to start earlier, for example if you’re in ill health.
- You can normally choose to take your income in stages, either by buying annuities over a period of time, or by gradually transferring to an income drawdown plan.

Your money is invested in our range of unit linked pension funds, which aim to provide the growth you will need to build up your investment for your future.
We offer a choice of over 100 pension investment funds.
We also offer a number of lifestyle switching options. Your adviser can give you details of these.
Together with your financial adviser, you can choose which sort of funds your pension ‘pot’ is invested in. (This should be based on your own circumstances and your attitude to investment risk. Your adviser can explain risk and help you to determine your attitude towards it).
Read our pension funds – investor's guide and view our pension funds.
Find out more about our investment approaches.
Are there any risks involved?
- In long-term investments, risk and reward are inseparable. Put simply: lower risk generally means lower potential growth.
- Please be aware that the definitions and investment approach ratings for specific funds may change in the future.
- There may be restrictions on the amount you can invest in certain funds. Please contact us for details on any restrictions that apply.

Most private pensions have annual charges to pay for the management of the pension funds your money is invested in.
Depending on how you choose to invest your money, there’s a wide range of annual charges. Further details about charges can be found in the key features.
There are no separate set-up charges.

The level of income you receive from your pension plan will depend upon a number of factors including the value of the plan when you decide to take your pension, which isn't guaranteed and can go down as well as up.
Tax treatment depends on the individual circumstances of each client and may be subject to change in the future.
Tax rules can change.

View our pension calculators and guides.