Cookie Policy

To ensure you get the best possible experience when browsing the NFU Mutual website, all cookies have been allowed by default. By continuing to browse the site you are agreeing to this - however, you can change your cookie settings at anytime.

I agree

Phasing your retirement


Call us free
8:30am-6pm (Mon-Fri)

What is the right plan for you?

For many people retirement is a gradual process, slowly reducing the hours that you work until the day comes when you finally fully retire. As your circumstances change the money that you want to take out of your pension pot and how you take it out of your pension pot can change.

These days there are a number of different options open to you, which can provide you with the blend of guaranteed and flexible income that you need to match your circumstances. Your options at retirement can include:

  • Leaving your money in your pension pot and taking an income from it. Any money left in your pension pot remains invested. You can take a quarter of your pension pot tax-free, but then any other withdrawals will be taxed.
  • Taking the whole amount as a single lump sum. A quarter of your pension pot can usually be taken tax-free, but the rest will be taxed.
  • Getting a regular income for as long as you live (also known as an annuity). A quarter of your pension pot can usually be taken tax-free, but the regular income will be taxed.

In order to find out about all of the options that are available and to find the blend that works for you, speak to your NFU Mutual Financial Adviser who will review your situation and recommend what it is best for you.

You should be aware that the value of your investment and any income from it may go down as well as up and you may get back less than invested.

The tax treatment of pensions depends on individual circumstance and may be subject to change.

Talk to the experts

Our Financial Advisers* can offer expert, personalised advice to help make saving for your retirement as easy and practical as possible


*Please note:

When you contact us we'll explain the advice services we offer and the charges. NFU Mutual Financial Advisers advise on NFU Mutual products and selected products from specialist providers.

For security and training purposes, calls may be recorded and monitored.