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New pension rules mean you can access your pension savings from age 55 onwards in a range of ways. Here are your options with EasyBuild.
Not all options are available from us – pension companies are not obliged to offer all options available. You can transfer your pension savings to another company who offer the option you want though, just contact us when that time comes.
If you don't need your pension pot straight away you can leave it invested.
This gives your pension savings more time to grow and a better opportunity to provide more income when you do want to access them.
You can choose to keep your pension savings in the same funds, or you may be able to switch to different investment funds. Remember though, there's no way to know whether investments will go up or down.
If you want to defer taking your pension savings simply change your selected retirement age in your Online Account where you can also choose or change (self-select) the funds your pension savings are invested in.
Important: Changing your selected retirement age (or your date of birth) could affect where your pension savings are invested. For example, if you decide to delay when you take your pension savings, they will be moved further back on the glidepath and into higher risk funds – more on this »
If you have over £10,000 in your pot, you may be able to take flexible lump sums from your pension savings with us. HM Revenue & Customs (HMRC) calls these 'uncrystallised funds pension lump sums'.
There are two main ways to take an income from your pension pot. You can buy a regular retirement income, usually for life (an annuity) with your pension savings when you retire or you can take a variable income from your pension pot and leave the rest invested.
These options also normally give you the chance to take up to 25% of your pension pot as a tax-free lump sum.
Buying an annuity converts your pension savings into a regular retirement (and taxable) income, usually for life.
We don’t offer this type of product so using your pension savings to buy an annuity from us when you retire isn’t an option. We can help you transfer to a pension company that does though – contact us when that time comes.
Important: Once you’ve bought your annuity you can’t change your mind, so think carefully before you commit.
This option allows you to take a variable income directly from your pension pot and leave the rest of it invested.
You can't do this with us at the moment but we can help you transfer your pension pot to a company that does.
If you transfer your pension pot to another company and take a flexible lump sum, or you take income from an income drawdown plan, you'll be subject to a reduced Money Purchase Annual Allowance of £10,000 (2016-17 tax year). Future savings made into defined contribution pensions (like EasyBuild or The People's Pension) over this amount in a tax year, will incur an annual allowance charge.
Normally when you're 55 (or 57 from 2028), if you have £10,000 or less in your pension with EasyBuild, you may be able to take it as a single cash lump sum, called a small pot lump sum.
25% of your payment will be paid tax-free. You will need to pay tax on the remaining 75% as if it was income. So, be careful when you cash in your savings as it could take you into paying tax at a higher rate than normal.
If you are retiring early due to incapacity, you can claim small pot lump sum payments before you reach 55 (or 57 from 2028). Medical evidence of your incapacity will be required before we can pay out a lump sum
You can take up to three personal pension pots as small pot lump sum payments in your lifetime as long as you are over 55 (or 57 from 2028). EasyBuild and EasyBuild S2P count as separate personal pension pots for this purpose. The number of occupational pension scheme pots – such as The People’s Pension – you can take is unrestricted.
Important: There are different rules depending on which type of pension you have savings in.
You can claim your pension savings earlier than age 55 if you’ve become physically or mentally incapable of continuing your occupation, and have stopped working. If you have Lump Sum Retirement Benefit savings, different criteria apply.
If you are suffering from serious ill health (a life expectancy of less than 12 months), it may be possible for you to receive your entire pension pot in the form of a lump sum. Satisfactory medical evidence will need to be provided.