Income taster 3

Income options for your pension under the 2015 rules

  • Compare options at a glance in our table
  • How income drawdown and lump sums work
  • Follow our step-by-step guide to making the right choice

What's in this guide

What are my options for cashing in my pension?

Which? money experts explain your options for turning your pension fund into retirement income. Contains video

Pension calculator

Our unique Which? pension calculator shows how big your final pension pot is likely to be and translates that into a retirement income.

Take out income drawdown

How income drawdown works and whether it is suitable for you - keeping your money invested and taking some out each year. Contains video

Arrange an annuity

How an annuity works and whether there's still a place for one in the new pensions world.

Can I take my entire pension fund at retirement?

Which? explains the consequences and tax implications of taking your pension fund in one go.

Can I take lump sums from my pension?

The pension changes have introduced a new way to take money from your pension in a flexible way, namely uncrystallised funds pension lump sum (UFPLS).

What if I've got a final salary pension?

Some people with a final salary pension can use the new pension freedoms and transfer their money. Which? outlines how, and what to consider.

Step-by-step guide to making your pension choice

Which? guides your through the tricky process of deciding what to do with your pension pot and when you should do it.

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