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Government pension reforms: can you take money from your pension?
From April 2015 you’ve been able take money from your pension as you wish – or can you?

Pension companies aren’t letting people take money from their pension as they’re supposed to under pension flexibility introduced in April. Some pension companies aren’t giving their customers full flexibility with their pensions and others are imposing charges. Now the government has said that in July it will launch a consultation on whether exit charges are too high.

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How can you take money from your pension?
How can you use the new pension freedoms to take money from your pension?

From April 2015, if you’ve saved into a ‘defined contribution’ pension (namely not a final salary or other salary-related pension), you've had the freedom to take money out of your pension as you wish. But what are the different ways you can access money in your pension?

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What is an annuity and how does it pay an income in retirement?
An annuity is an insurance product that pays a guaranteed income in your retirement. What should you look for?

If you have a pension where the amount you receive when you retire is not linked to your salary, then you have complete freedom with what you do with the money when you retire (as long as you're aged 55 or over). You can buy an annuity if you want to - although you no longer have to do this. This article explains the basics of what an annuity is, how you buy one and what it does.

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The material provided on this website is general information that is intended for general guidance and is not suitable for professional advice.
You should always obtain independent financial advice.