Understand the level of risk first
Investing offers the potential for better returns than cash savings over the long term (5+ years). But there are risks, the value of your investments may go down as well as up, and you may get back less than you’ve paid in.
Pension tax benefits are based on personal circumstances and are subject to change.
How do you want to use your pension pot?
There are a few ways to use your pension. The key is to find one that suits your retirement.
Take a lump sum
Take a lump sum When you reach minimum pension age of 55 (57 from 2028), you can decide to take all your pension at once. But you’ll need to be aware of tax you’ll pay.
Take some of your pension money
Take some of your pension money Most defined contribution pensions will allow you to take some money as a lump sum - with 25% of it being tax-free.
Choose a few retirement options
Choose a few retirement options The key is to find one that suits your retirement so make sure you read through all your options.
Leave your pension money where it is
Leave your pension money where it is You don’t have to take your pension at the minimum age. You can also leave it invested and potentially see it grow.
When annuities make sense
When annuities make sense If you want a steady income in retirement, buying an annuity can give you a regular, guaranted payment for life.
Get financial advice
Get financial advice It can be a good idea to get professional advice before you choose what to do with your pension. Then you can be sure it suits your lifestyle.
Manage your pension online
Manage your pension online
Log in to your MyAviva account to see your pension details and manage any changes. If you haven’t registered for an account yet, you’ll need your pension policy number to hand.
Manage your workplace pension online
If you have a workplace pension with an account number starting with "GS", or a membership number starting with "F", register or log into MyWorkplace.
Keep your pension safe
Your pension pot is valuable, it’s the key to retirement. So, you need to be aware of scammers trying to steal it.
Don't fall for cold calls, anyone pressuring you to make decisions to cash in your pension or offers that sound too good to be true.
Here at Aviva, we want to help you keep your money safe.
Pension drawdown or annuities with Aviva
Would you prefer flexibility, or is a secure income more important? Compare the two main ways you can take your pension.
More on pension drawdown
More on pension drawdown If you want flexibilty with your pension then income drawdown could be for you. You can take 25% tax-free, and leave the rest invested to take it when it suits you.
Explore annuities
If you’d like the certainty of knowing your income in retirement, then buying an annuity with your pension pot will mean a guaranteed payment for life.
Get some advice on taking your pension
Looking for financial advice?
If you have a pension or investments worth more than £150,000, Aviva can give you personalised advice to help you use your savings in a way that suits you.
Pension Wise
Pension Wise from MoneyHelper is a service backed by the government. It offers free, impartial guidance to over 50s. They can explain the options to take money from your defined contribution pension pots.
The next steps for your pension journey
We’re here to help you find the information you need to make the most of your pension in retirement.
Pension and retirement support 
Our chatbot can answer your questions, give you the latest information and point you to the right resources. It’s available 24/7.
Guidance or advice?
Understand whether you need free, simple guidance for your pension or if you’d be better off paying to chat to a financial adviser.
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We can take you through the different ways you can take your pension. And give you some pointers on how to make it go further.