Pensions scams and fraud
Everyone can access their pension from the age of 55. See our tips on how to keep your pension pot safe.

If you've saved into a defined contribution pension scheme during your working life, you need to decide what to do with the money you've saved towards your pension when you retire.
Your pension pot is the total amount of pension contributions that you and your employer have made to save for your retirement. Your pot also includes any capital growth earned from the fund’s investments, depending on how your scheme was set up.
Your pension pot doesn’t include your State Pension. This is provided by the government.
Your fund should send you a pension statement once a year that tells you how much your pension pot is worth, or there may be an option to check this on their website.
If you’ve made pension contributions into multiple different pension schemes then you’ll need to contact each fund separately for a statement.
You must have reached a certain minimum pension age to access your pension pot – this is usually 55 years.
You may be able to withdraw your pension earlier if you’re disabled or seriously unwell, but the rules depend on your pension scheme.
Beware of pension scams as you're nearing pension age. Criminals are more likely to approach you to try and convince you to withdraw or invest. They may falsely claim that you can access your pension before you’re 55.
It's completely up to you how you choose to use your pension pot, based on what best suits your needs. Each option comes with its own set of rules, fees, benefits, risks and tax issues.
Deciding what to do with your pension pot can be complicated – there are many factors to consider and financial terms to understand.
You don’t have to rush into anything. It's a good idea to take some time to consider all of your options so that you don't end up in a situation where you’re unable to use your pension pot money, or the money has run out. Think about your:
Not all pension schemes and providers will offer every option. Talk to your pension fund provider to find out what’s available. Your options may include:
It's a good idea to seek advice from a regulated independent financial adviser before making any decisions and consider all your options carefully.
Find out more about your pension pot options on the government's Pension Wise website.
You could close your pension pot and take the whole amount as cash in one go if you wish – this is called a lump sum. Or you could treat your pension pot like a bank account and make several withdrawals when you need to.
There are some things you should bear in mind before taking out a cash withdrawal or a lump sum, such as:
An annuity converts your pot into an annual pension, giving you a guaranteed income for life or a specified period.
Regardless of your pension provider, you can buy your annuity from any provider you wish. It's important to shop around and get personalised quotes from a few providers to make sure you’re getting the best deal.
There are some things to bear in mind for annuities, such as:
In a drawdown scheme, you transfer some or all of your pension pot into a scheme, which is then invested in the stock market. You can draw income from your investment and there are no restrictions on the amount you can take.
There are some things to bear in mind for income drawdown, such as:
How you use your pension pot can affect any benefits you currently receive or your eligibility to claim a benefit in the future. This is because withdrawals or investments may be counted as income or capital, which may affect means-tested benefits.
Means-tested benefits include:
If you spend or give away money (including tax-free cash) from your pension pot to get or increase your benefits, the or your local council may re-assess your eligibility and treat you as still having that money.
We offer support through our free advice line on 0800 678 1602. Lines are open 8am-7pm, 365 days a year. We also have specialist advisers at over 120 local 91¶ÌÊÓƵapps.
Everyone can access their pension from the age of 55. See our tips on how to keep your pension pot safe.
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