At the moment, from age 55, you can choose to take your pension savings as a cash payment. This is increasing to age 57 from the 6th of April 2028.
This could be all in one go or spread over a series of smaller lump sums.
The first 25% of each cash payment will be paid tax free, while the rest will be taxed as income at your normal rate.
Any money you leave behind will stay invested in your plan and aim to grow.
If at any time your needs change, you can use the rest of your pension savings to take a flexible income or to buy a regular secure income that'll be paid for the rest of your life.
When you die, any savings you have left in your plan can be passed on to your loved ones.
Things to watch out for:
If you take your pension savings as cash, your money isn't guaranteed to last forever. So if you don't manage your income carefully, it could run out before you die.
Taking large sums of money out of your plan could push you into a higher rate tax bracket, meaning you'd need to pay more tax on your pension savings.
To find out more about your retirement options, talk to your financial adviser, or visit royallondon.com/retirement
