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Unlike some other pensions, the Retirement Account offers a range of ways to access your pension benefits using the same policy.
When you set up a Retirement Account you’ll be asked how you’d like to take your pension benefits. This is so the GIS can invest it as required as you near your retirement date. This means you can leave the investing up to Scottish Widows.
If you’re not sure of your risk appetite or how to take your pension at retirement, you can choose the default option. This is a balanced Governed Investment Strategy (GIS) that targets flexible access at retirement. This could suit a typical customer and reflects what we most commonly see in terms of risk appetite and retirement options. The default strategy is not personalised to you, and it may not meet your needs at retirement, so please consider this when making a decision about your investment options.
If you’re unsure what to choose, you can always seek financial advice. There will be a charge for this service.
However, if your plans change, you can amend how you want to take your benefits or your chosen retirement date at any time.
The current minimum retirement age is 55 (57 from April 2028) and that’s when you can start accessing your benefits. But that doesn’t mean it’s right for you and so, before making a decision, you should consider all your options. For example, you might just want to reduce your working hours and access only some of your benefits rather than stopping working altogether.
You need to consider that your circumstances can change and you may decide to defer your retirement, take it early or change how you want to access your benefits. Individual tax circumstances and tax rules can change.