Accessing your pension
Your pension gives you flexibility and options. It’s yours to be used to support your future plans. You could retire altogether, keep on working, or reduce your hours and use your pension to top up your earnings. It’s your life, your pension, your choice!
Here, you’ll find clear information about your options, including the differences between them, how to access your money, and how taxes and charges apply. We also highlight where to find trusted guidance, connect with professional financial advisers, and protect yourself from scams.
Capital at risk. The value of your investments can go down, as well as up, and you can get back less than you invested.
When should you start thinking about your retirement options?
You can access pension savings from age 55 (or 57 from 2028). But even if you don’t intend to access your pension early, you still have some important choices to think about in the meantime.
To make sure your savings are ready when you need them, you should consider how and when you might like to access them. Choosing a target age - the age you plan to first access your pension pot - helps you plan for retirement and allows us to manage your savings effectively, a process that takes about 7 years. If you don’t set a target age, we’ll automatically set it to 65, but you can change this at any time.
Your pension pot needs to see you through retirement when you're not earning an income. If you're in good health, your pension may need to last a long time. There are different ways you can access your pension - you can use one or combine them to suit you.
What are your options when you want to access your pension?
Leave it where it is
You don't have to take your pension as soon as it's available.
- Enjoy working and not give up your job or change your work arrangements.
- By delaying withdrawals, you could benefit from increased investment growth and less time relying on your pension savings.
- Continue to have other sources of income that provide a comfortable amount to live on.
Stay in control with the Cushon app
Use the Cushon app to keep your pension close at hand and make it easier to plan the future you’re hoping for.
- Access your pension options.
- Set a target age for accessing your pension.
- Choose beneficiaries to leave your pension to.
- Manage your regular contributions or withdrawals.
- Find and combine[³] old pensions.
- Choose your own investments if you'd like.
Where to find help making decisions
Financial guidance: general know-how to help you make your own decisions
Guidance is a great place to start to build your knowledge about pensions and other personal finance topics. It covers need-to-know info and tips that work for most people, but it isn’t tailored to your goals or circumstances.
If you’re comfortable making your own decisions, guidance services give you the chance to ask questions and get answers from knowledgeable experts. You can get a clearer understanding of your choices, but you can’t get a specific recommendation or advice.
You can access MoneyHelper, a free service provided by the government to provide general guidance on your pension options, by visiting the MoneyHelper website or by calling 0800 011 3797.
If you are aged 50 or over, you can also book a free and impartial Pension Wise appointment. This gives you 45-60 minutes of specialist pension guidance to help you understand your options. It can be on the Internet, over the phone or face-to-face and local to you.
Financial advice: specific recommendations from a professional adviser
Professional financial advice is different to financial guidance because it’s specifically tailored to you.
An independent financial adviser can talk you through your options, explain how they fit with your other financial products, and also make a personalised recommendation based on your goals and circumstances.
They can also work with you to set realistic goals, create a personalised financial plan that considers your specific needs, and make sure your savings, taxes and more are working together to your best advantage.
It’s not free though. If you hire a professional financial adviser, you should expect to pay a fee. You can find a list of regulated financial advisers at MoneyHelper.
Watch out for pension scams
You’d be surprised by how convincing and sophisticated scammers can be. Watch out for emails, calls or letters from businesses or strangers who claim to have a great deal for you.
Reject unexpected offers.
Know who you are dealing with.
Check any contact details.
Don’t be rushed or pressured.
Get impartial information.
For more tips and advice visit the ScamSmart website.
We do not charge, but some pensions may charge an exit fee.
Combine your pensions
It could be hard to know what you've got to rely on in retirement if your pension savings are in multiple pots or even lost. Iris tracks down your old pots and combines them into a single pension with NatWest Cushon. Completely free of charge.
Pension expert, Sarah, explains how we invest your money over time.
Trusted by over 600,000 members across more than 23,000 organisations
Leo Zarkow, 14/07/2025
Really like using NatWest Cushon. Great on desktop and app for tracking my investments
Andrew McMurray, 13/07/2025
Well you are looking after my pension which is intrusted to you and thanks.
align, 12/07/2025
Excellent customer exoerience
3. You should understand the features and charges of other pensions first and seek professional financial advice if you are not sure. Check with your product provider before transferring as there may be a penalty for leaving their scheme.
4. Some people are allowed to withdraw more than 25% tax free cash. This is known as Protected Tax-Free Cash. This could apply to you if you have a certificate from HMRC confirming your protection or your pension has scheme-specific tax-free cash attached to it.
Capital at risk. The value of investments can fall as well as rise, and you may get less than the full amount you invest.