If you’re due to retire, do you have to take your pension in one go?

The continued economic uncertainty, falling annuity rates and the fact that more people are looking to work beyond the traditional retirement age means flexible retirement is becoming more popular. Flexible retirement can mean carrying on working part time while taking some of your pension or using your pension fund to buy your retirement income (generally via an annuity) in several chunks rather than in one go. What are the options?

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Many of us aren’t saving enough for our retirement but is it just because we can’t afford to?

There have been a flurry of reports by pension companies over the last few weeks looking at how much we’re saving for our retirement and whether or not it’s going to give us the income – and lifestyle – we expect once we retire. For some time it’s been the case that we’re not saving enough and although some people simply can’t afford to save more for their retirement, many of those who can, aren’t. What would get you to save more?

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If you have a pension worth less than £18,000 you should be able to cash it in. But the rules aren’t straightforward.

Updated 29th April 2011

If you’ve only ever saved a small amount in your pension you may be able to take the whole lot as cash, but it’s not guaranteed. The rules are a bit complicated and the language is definitely not user friendly. However, it’s worth understanding how the rules work as it could mean you have far more control over your pension - although it's also vital that you understand exactly what you'd be giving up. Here are the options if you have a small pension.

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