The minimum pension access age is currently 55 (rising to 57 from 2028). However, your workplace or personal pension may have different rules. The earliest age you can access your State Pension is currently 66 for both men and women, rising to 67 by 2028–2029. Always check your specific pension scheme rules.

The State Pension is a regular payment from the UK government based on your National Insurance record. The full new State Pension is £221.20 per week (2024/25), but the amount you receive depends on how many qualifying years of National Insurance contributions you have. You need at least 10 years to get any State Pension, and 35 years for the full amount. Check your forecast at GOV.UK.

Transferring a workplace pension — especially a defined-benefit (final salary) scheme — is a significant decision that is difficult to reverse. Defined-benefit schemes guarantee a specific income in retirement. Transferring gives you a lump sum but also exposes you to investment risk and potentially lower retirement income. Always seek advice from an FCA-authorised financial adviser before transferring.

Pension drawdown allows you to take money from your pension fund while keeping it invested. You can take up to 25% as a tax-free lump sum, with the rest staying invested to provide income. Drawdown gives flexibility but carries risks — your fund could run out if investments perform poorly or you withdraw too much. Drawdown is only available from age 55 (57 from 2028).

A common guideline is to put away at least 15% of your earnings before tax. With employer contributions and tax relief, this can build a substantial retirement fund over 40+ years. However, the right amount depends on your target retirement income, existing savings, and your current age. Use a pension calculator to estimate whether your current contributions are on track.

The rules depend on your type of pension and when you die. If you die before age 75 with a defined-contribution pension, your remaining fund can usually be passed to your beneficiaries tax-free. If you die after 75, beneficiaries may pay income tax on inherited pensions. Defined-benefit schemes typically pay a survivor's pension to a spouse or dependent. Check your scheme rules.