Using your pension
Turning pensions into money you can use
Your pensions options
We'll help you access your pension money from 55 onwards.
For example, you can take a guaranteed income for life, withdraw it as and when you need it or take a mix of both. You can also leave it where it is to withdraw at a later date or take it all in cash straight away.
Financial tips for a golden gap year
We take a look how to see the world while staying financially healthy.
How much income will you need in retirement
When you stop work, or start winding down gradually, your financial plans for the future are likely to boil down to three key points.
Can't afford to retire?
Find out how you could fix gaps in your retirement finances to give you the security and certainty you want.My Retirement Planner
See how much your pension could be worth when you retire with our retirement planner tool.
Compare your options
This is a basic comparison and does not include all options or considerations.
Be sure to understand what your provider offers and shop around to find the best option for you.
| Guaranteed income (annuity) |
Flexible income (drawdown) |
Take it all in cash |
Leave it where it is |
|
|---|---|---|---|---|
| Can your money run out? |
No | Yes |
Yes | N/A |
| Can you set up regular payments? |
Yes |
Yes |
No | N/A |
| Will it provide a guaranteed income for life? |
Yes |
No |
No |
N/A |
| Can you vary how much income you take? |
No |
Yes |
N/A |
N/A |
| Can you change your options later and use your pension differently? |
No |
Yes | No |
Yes |
Your options
You may already have an option in mind, but it’s worth comparing the pros and cons of each. And you can always mix the and match them to suit your needs best.
Remember, if you need more help, you can speak to our financial advice support team to figure out what choice may be best for you.
Want an easier way to manage your pensions?
If you have more than one pension, moving them into one pot could make them easier to keep track of and save you time in the long-run.
Which retirement lifestyle will you enjoy?
You might wonder what retirement lifestyle is best suited to you. Read our "life after work" short stories to get an idea of who's living the kind of retirement you'd most enjoy for yourself.
Call us for free and get extra help
We’ll give you all the extra help you need to plan out your retirement that bit more. You can check up on your Aviva pension, explore your retirement options, understand your pension, speak to a financial adviser and more. Simply choose a number below and give us a call now.
New to Aviva
Existing customers
Pension Wise
This government service offers free and impartial guidance on your retirement options, either over the phone or face to face.
Extra support
We're here to help you get the best from your pension.