Access My Pension
Independent advice on accessing your pension
Taking money from your pension is one of the biggest financial decisions you'll make. We help you decide how and when to take it, so your income lasts and you pay no more tax than you need to.
We're an independent financial planning firm led by a Chartered Financial Planner. We look across the whole market – drawdown, annuities or a mix of both – and recommend what suits your plans, not what suits a provider.
Your first meeting is free and there's no obligation to go further.
Getting your retirement income right
Tax-free cash
How much of your 25% tax-free lump sum to take, and when, so it fits your wider plans.
Drawdown income
Setting a sustainable income, choosing how the money stays invested and reviewing it every year.
Annuities
Comparing the whole market if you want some or all of your income guaranteed for life.
Tax planning
Spreading withdrawals across tax years so less of your pension is taxed at higher Scottish rates.
Bringing pensions together
Combining older pension pots where it lowers costs or makes your income simpler to manage.
Leaving money to family
Making sure your nominations are up to date and planning for the inheritance tax changes from April 2027.
Three simple steps
Free first meeting
We talk through your plans, the pensions you have and the income you'll need. We'll tell you our fee before any work starts.
Research and recommendation
We gather details from your providers, compare your options and set out our recommendation in a clear written report.
Put it in place and keep it on track
We handle the paperwork with your providers, then review your income and investments with you at least once a year.
A guide to taking your pension
What type of pension do I have?
There are two main types. A defined benefit (final salary or career average) pension pays a guaranteed income based on your salary and years of service. A defined contribution (money purchase) pension builds up a pot of money that's invested, so what you end up with depends on how much went in and how the investments have performed.
This page is about defined contribution pensions, which include personal pensions, SIPPs and most modern workplace pensions. We don't advise on defined benefit pensions or transfers out of them, as they usually provide valuable guarantees that are best kept.
When can I take my pension?
You can usually take money from a defined contribution pension from age 55. This is rising to 57 from 6 April 2028, although some schemes have a protected lower age. You may be able to take it earlier if you're in serious ill health.
Be very wary of anyone offering to release your pension before then. Pension liberation schemes often charge high fees, can lead to large tax bills and place your money in unregulated, high-risk investments.
What are my options?
Once you reach pension age, you can choose one of the following, or combine them:
- Flexi-access drawdown. Take up to 25% tax-free and leave the rest invested, drawing an income as and when you need it. Your money has the potential to keep growing, but its value can also fall, so the income needs to be set carefully and reviewed regularly.
- An annuity. Use some or all of your pot to buy a guaranteed income for life. Annuities can be level, rise each year, or be linked to investments. As at April 2026, a 65-year-old buying a level annuity would need to live just over 12 years to get back the purchase price (based on a £150,000 purchase, no health issues, single life, no guarantee, paid monthly in advance, quoted 22/04/2026).
- Lump sums. Take money out in one or more lump sums, where 25% of each withdrawal is usually tax-free and the rest is taxed as income.
For most people, the tax-free cash available is 25% of the pension, up to a maximum of £268,275 in total, unless you hold a protected higher amount.
How much income can I take?
With drawdown, you can take as much or as little as you like. The risk is running out: taking £25,000 a year from a £100,000 pension would likely last only around four years. With an annuity, your income depends on the size of your pot, the options you choose and, in some cases, your health and lifestyle.
Can I take my pension and keep working?
Yes. But once you start taking taxable income flexibly, the amount you can pay into defined contribution pensions each year with tax relief falls to £10,000 (the Money Purchase Annual Allowance). If your employer contributes to your pension, it's worth checking this before you draw anything. Adding pension income to a salary can also push you into a higher tax band.
What tax will I pay?
Usually up to 25% can be taken tax-free. The rest is added to your income for the tax year and taxed through PAYE. For Scottish taxpayers, the rates for 2026/27 are 19%, 20%, 21%, 42%, 45% and 48%, depending on your total income. National Insurance doesn't apply.
Example: John earns £34,000 a year and has a £50,000 pension. He takes £12,500 tax-free, then the remaining £37,500 in the same tax year. Added to his salary, much of it is taxed at the 42% higher rate, and he pays around £13,721 in tax on the withdrawal.
If he spread the taxable £37,500 evenly over four tax years instead, each withdrawal would stay within the 21% intermediate rate band. His total tax would be around £7,875, a saving of about £5,846. Based on 2026/27 Scottish income tax rates and bands.
What happens to my pension when I die?
With an annuity, the income stops on death unless you chose a spouse's pension, a guarantee period or a lump sum option, each of which reduces the income you receive. With drawdown, whatever is left can usually be passed to your nominated beneficiaries as a lump sum or an income.
Most pensions are held in trust, so the scheme decides who receives the money, guided by your nomination rather than your Will. Keeping your nominations up to date is important. From 6 April 2027, most unused pension funds will also count towards your estate for inheritance tax, so it's worth reviewing how your pension fits with your wider estate planning.
What does advice cost?
Your first meeting is free and there's no obligation. If you'd like us to go ahead, our initial fee is a percentage of the amount we advise on, and it reduces as the amount increases:
We'll confirm your fee in writing before any work starts. Read more about the cost of financial advice.
Common questions
Do I need advice to access my pension?
You don't have to take advice to access a defined contribution pension, but the decisions are hard to undo and can have a big effect on the tax you pay and how long your money lasts. If you're 50 or over, you can also get free guidance from Pension Wise through MoneyHelper.
How much tax-free cash can I take?
Usually 25% of your pension, up to a maximum of £268,275 across all your pensions, unless you have a protected higher amount. You don't have to take it all at once.
Can I take my tax-free cash and leave the rest invested?
Yes. With flexi-access drawdown you can take your tax-free cash and leave the rest invested until you need it, taking income as and when it suits you.
What is your initial fee?
Our initial advice charge is a percentage of the amount invested or transferred, and it reduces as the amount increases. For advice on £250,000 of pensions or investments our initial fee would be 1.65%, falling to 1.2% on £500,000 and 0.97% on £1 million. We'll always confirm your fee in writing before any work starts, and your first meeting is free.
Do you advise on final salary pensions?
No. We don't advise on defined benefit (final salary) pensions or transfers out of them. These schemes usually provide valuable guaranteed benefits, and for most people it's in their interests to keep them.
Do I have to meet in person?
No. Meetings are by appointment, either in person at one of our meeting locations in Edinburgh, Falkirk, Glasgow, Livingston or Stirling, at your home, or by video call.
Related services
Review My Pension
A clear view of what you have, what it costs and whether it is still right for you.
Find out more →Savings & Investments
Investing savings or a lump sum with a clear plan built around your goals.
Find out more →Estate Planning
Passing on your wealth as you intend, with as little inheritance tax as possible.
Find out more →Talk to us about accessing your pension
Free first meeting, no obligation. Call 0330 223 1653 or book online.
The value of investments and pensions, and any income from them, can fall as well as rise and you may get back less than you invest. Tax treatment depends on your individual circumstances and may change in the future.
