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You can choose to take income from your pension fund from age 55. You can usually take a tax-free cash lump sum, normally up to a maximum of 25%. You may be able to take the remainder of your fund as cash, but this would be taxed as income. As of April 6th 2015 you are able to take the full pension fund as a cash sum subject to tax. Professional advice should be sort regarding the proposed changes.
Accessing pension benefits early may impact on levels of retirement income and your entitlement to certain means tested benefits.
Accessing pension benefits is not suitable for everyone. You should seek advice to understand your options at retirement
Levels and bases of and reliefs from taxation are subject to change and their value depends on the individual circumstances of the investor
The Financial Conduct Authority does not regulate taxation advice.
The value of your investment can go down as well as up and you may not get back the full amount invested