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Accessing your pension

We know you have saved hard for your retirement, therefore we want to give you as much flexibility as possible when you decide to take an income.


Accessing your pension savings

You can be flexible when it comes to accessing your pension savings.

  • Take all of your savings in one go (typically for very small pension pots)

  • Take smaller lump sums and/or

  • Take a regular income

Important information

Please remember the value of your investments and any income from them can go down as well as up. The value of your fund may be less than you paid in.

Before you choose a SIPP, make sure you understand its aims and risks. Alliance Trust does not give advice. If you are unsure whether our SIPP is suitable for you, of the risks and commitments of investments and or of how much income to take and when, you should seek professional financial advice specific to your particular circumstances.

A SIPP requires active management and investment expertise. You should make sure you review your investments regularly.

Related documents

Visit our dedicated SIPP literature page.

You are in control

You are in control and there are no limits to how much you can access at any one time.

You can take everything in one go if you like. But only a quarter of your savings can normally be paid tax free. The rest is taxed as income in the tax year (or years) it is paid out to you.

And, of course, once your savings are gone they are gone. You will have to manage financially without them for the rest of your life.

Read our guide to accessing your pension savings

Download guide

The minimum age you normally have to be to access your pension savings.

A few other basics to remember

  • Normally you have to be at least 55 to access your pension savings.

  • There is no upper age limit for accessing them.

  • So we know when to write and remind you of your options, we ask you for a planned retirement age. But you can change it at any time.

  • And in practice you don’t have to be retired to access your pension savings.

Don't forget the taxman when taking your pension

If you are over 55 and have a private or workplace pension there are now several different ways that you can access the cash, but it is important not to forget the tax implications.

Read more here

Need advice?

If you want someone to look at your individual circumstances and positively recommend the best option for you, it’s financial advice that you need.

Find a financial adviser in your area: Unbiased

Free guidance

The ’Pension wise’ guidance service is a free impartial government service for anyone thinking of accessing their pension savings. It gives you details of your options and guidance to help you make up your mind what to do. We remind you about Pension wise before your planned retirement age.

Get free, impartial guidance on your options.

Pension wise


Flexi-Access Drawdown with Alliance Trust Savings:

  • No set-up fees

  • One low annual charge of £276 a year (including VAT) - a provider charging 0.45% a year on a £100,000 pot means a charge of £450 a year

  • Manage your SIPP online

  • Extensive investment choice

Important information

Laws and tax rules may change in the future without notice. The information here is our understanding in April 2016. This information takes no account of your personal circumstances which may have an impact on tax treatment.

Other charges may apply. For a full list of charges see our charges guide.

Getting down to details

There are different methods you can use to access your pension savings. Our glossary might help if you’re not familiar with these terms.

Capped Drawdown

Only an option for you if you were already in Capped Drawdown by 6 April 2015.

find out more

Flexi-access drawdown

This option is available to all individuals of minimum pension age.

find out more

Uncrystallised Funds Pension Lump Sum (UFPLS)

This option is available to all individuals of minimum pension age.

find out more

Lifetime annuities

This option is available to all individuals of minimum pension age. We don't offer annuities, but we can buy one from another company on your behalf.

find out more

Your Retirement

Welcome to the latest edition of Your Retirement magazine

Alliance Trust Savings could be the idea home for your retirement savings. 'Your Retirement' Magazine provides useful insights into the changing world of pensions.

Read the latest edition
Your Retirement

How much could your SIPP be worth?

Use our savings tool to work out how much you might be able to save for retirement.
Use our savings tool

savings tool

Alliance Trust Savings Limited is a subsidiary of Alliance Trust PLC and is registered in Scotland No. SC 98767, registered office, PO Box 164, 8 West Marketgait, Dundee DD1 9YP; is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, firm reference number 116115. Alliance Trust Savings gives no financial or investment advice.