When you can access your savings

You can access your pension savings at any time after your 55th birthday

Your pension savings provide an income during retirement

Our scheme's default retirement age is 65. You can change this by signing in to your Smart Pension account (you'll find all the details you need in the 'Account' section). While you can access your pension savings any time after your 55th birthday, a parliamentary process is under way to increase the age limit.

You don’t have to stop working at 55, or when you reach your chosen retirement age. You can carry on contributing as long as you’re an active member of the pension scheme.  

In fact, you might want to carry on working and increase the amount you’re paying in – increasing the amount you can access when you do eventually retire. Or you could turn some of your pension savings into a regular income, topping up your salary or enabling you to work fewer hours.

Your pension savings provide an income during retirement

Our scheme's default retirement age is 65. You can change this by signing in to your Smart Pension account (you'll find all the details you need in the 'Account' section). While you can access your pension savings any time after your 55th birthday, a parliamentary process is under way to increase the age limit.

You don’t have to stop working at 55, or when you reach your chosen retirement age. You can carry on contributing as long as you’re an active member of the pension scheme.  

In fact, you might want to carry on working and increase the amount you’re paying in – increasing the amount you can access when you do eventually retire. Or you could turn some of your pension savings into a regular income, topping up your salary or enabling you to work fewer hours.

Keep us updated on your retirement age

It's important to review your retirement age regularly and update it if your situation changes. We'll use that date to help us manage your funds in your best interest.

Check your retirement age

Keep us updated on your retirement age

It's important to review your retirement age regularly and update it if your situation changes. We'll use that date to help us manage your funds in your best interest.

Check your retirement age

How will you get access to your pension savings?

You'll be able to access your pension savings in one of three ways:

Flexible income (drawdown)

You may want to take a regular income directly from your pension savings. This will give you the flexibility to have more or less income, as you need it. But you'll still need to manage your investments after you retire and there's a risk that you could run out of money if they don't grow as much as you hoped.

Guaranteed income (annuity)

You may want to use the money in your Smart Pension account to buy a guaranteed income for life from an insurance company. That product is called an annuity. You'll be asked to decide if you'd like that annuity to give you an income that increases each year, and if someone else should receive an income after you die. It's important to shop around and find an annuity that's right option for you (we don't offer annuities); if you have poor health then an enhanced annuity might be appropriate for you.

Annuities can give you the security of knowing that your income is guaranteed however long you live. You can't change your mind when you buy an annuity. It's a one-off decision about how you'll access your pension savings for the rest of your life.  

Cash

You may want to take your account as a lump sum. You might pay a higher amount of tax if you take a large cash sum.

How will you get access to your pension savings?

You'll be able to access your pension savings in one of three ways:

Flexible income (drawdown)

You may want to take a regular income directly from your pension savings. This will give you the flexibility to have more or less income, as you need it. But you'll still need to manage your investments after you retire and there's a risk that you could run out of money if they don't grow as much as you hoped.

Guaranteed income (annuity)

You may want to use the money in your Smart Pension account to buy a guaranteed income for life from an insurance company. That product is called an annuity. You'll be asked to decide if you'd like that annuity to give you an income that increases each year, and if someone else should receive an income after you die. It's important to shop around and find an annuity that's right option for you (we don't offer annuities); if you have poor health then an enhanced annuity might be appropriate for you.

Annuities can give you the security of knowing that your income is guaranteed however long you live. You can't change your mind when you buy an annuity. It's a one-off decision about how you'll access your pension savings for the rest of your life.  

Cash

You may want to take your account as a lump sum. You might pay a higher amount of tax if you take a large cash sum.

Can you take out a tax-free cash lump-sum when you retire?

Yes, many people withdraw 25% of their pension savings as a one-off tax-free lump sum, and then convert the rest into a taxable income for life that's known as an annuity. Many decide to take 25% tax free cash and drawdown the rest. However, you might decide to leave your savings invested for longer, to help them grow and improve the income you'll receive overall.

Can you take out a tax-free cash lump-sum when you retire?

Yes, many people withdraw 25% of their pension savings as a one-off tax-free lump sum, and then convert the rest into a taxable income for life that's known as an annuity. Many decide to take 25% tax free cash and drawdown the rest. However, you might decide to leave your savings invested for longer, to help them grow and improve the income you'll receive overall.

Can you access your pension early if you are ill?

If you've been diagnosed with serious ill health, and you are under 55, then you might be able to take out some or all of your Smart Pension savings early. You may have to provide  medical evidence to support your claim in that situation, but your financial adviser can tell you more about this.

Can you access your pension early if you are ill?

If you've been diagnosed with serious ill health, and you are under 55, then you might be able to take out some or all of your Smart Pension savings early. You may have to provide  medical evidence to support your claim in that situation, but your financial adviser can tell you more about this.

Instant changes to your
pension savings

You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.

Instant changes to your
pension savings

You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.

Instant changes to your
pension savings

You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.

Instant changes to your
pension savings

You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.

Instant changes to your
pension savings

You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.

Your pension savings provide an income during retirement

Our scheme's default retirement age is 65. You can change this by signing in to your Smart Pension account (you'll find all the details you need in the 'Account' section). While you can access your pension savings any time after your 55th birthday, a parliamentary process is under way to increase the age limit.

You don’t have to stop working at 55, or when you reach your chosen retirement age. You can carry on contributing as long as you’re an active member of the pension scheme.  

In fact, you might want to carry on working and increase the amount you’re paying in – increasing the amount you can access when you do eventually retire. Or you could turn some of your pension savings into a regular income, topping up your salary or enabling you to work fewer hours.

Your pension savings provide an income during retirement

Our scheme's default retirement age is 65. You can change this by signing in to your Smart Pension account (you'll find all the details you need in the 'Account' section). While you can access your pension savings any time after your 55th birthday, a parliamentary process is under way to increase the age limit.

You don’t have to stop working at 55, or when you reach your chosen retirement age. You can carry on contributing as long as you’re an active member of the pension scheme.  

In fact, you might want to carry on working and increase the amount you’re paying in – increasing the amount you can access when you do eventually retire. Or you could turn some of your pension savings into a regular income, topping up your salary or enabling you to work fewer hours.

Your pension savings provide an income during retirement

Keep us updated on your retirement age

It's important to review your retirement age regularly and update it if your situation changes. We'll use that date to help us manage your funds in your best interest.

Check your retirement age

Keep us updated on your retirement age

It's important to review your retirement age regularly and update it if your situation changes. We'll use that date to help us manage your funds in your best interest.

Check your retirement age

Keep us updated on your retirement age

How will you get access to your pension savings?

You'll be able to access your pension savings in one of three ways:

Flexible income (drawdown)

You may want to take a regular income directly from your pension savings. This will give you the flexibility to have more or less income, as you need it. But you'll still need to manage your investments after you retire and there's a risk that you could run out of money if they don't grow as much as you hoped.

Guaranteed income (annuity)

You may want to use the money in your Smart Pension account to buy a guaranteed income for life from an insurance company. That product is called an annuity. You'll be asked to decide if you'd like that annuity to give you an income that increases each year, and if someone else should receive an income after you die. It's important to shop around and find an annuity that's right option for you (we don't offer annuities); if you have poor health then an enhanced annuity might be appropriate for you.

Annuities can give you the security of knowing that your income is guaranteed however long you live. You can't change your mind when you buy an annuity. It's a one-off decision about how you'll access your pension savings for the rest of your life.  

Cash

You may want to take your account as a lump sum. You might pay a higher amount of tax if you take a large cash sum.

How will you get access to your pension savings?

You'll be able to access your pension savings in one of three ways:

Flexible income (drawdown)

You may want to take a regular income directly from your pension savings. This will give you the flexibility to have more or less income, as you need it. But you'll still need to manage your investments after you retire and there's a risk that you could run out of money if they don't grow as much as you hoped.

Guaranteed income (annuity)

You may want to use the money in your Smart Pension account to buy a guaranteed income for life from an insurance company. That product is called an annuity. You'll be asked to decide if you'd like that annuity to give you an income that increases each year, and if someone else should receive an income after you die. It's important to shop around and find an annuity that's right option for you (we don't offer annuities); if you have poor health then an enhanced annuity might be appropriate for you.

Annuities can give you the security of knowing that your income is guaranteed however long you live. You can't change your mind when you buy an annuity. It's a one-off decision about how you'll access your pension savings for the rest of your life.  

Cash

You may want to take your account as a lump sum. You might pay a higher amount of tax if you take a large cash sum.

How will you get access to your pension savings?

Can you take out a tax-free cash lump-sum when you retire?

Yes, many people withdraw 25% of their pension savings as a one-off tax-free lump sum, and then convert the rest into a taxable income for life that's known as an annuity. Many decide to take 25% tax free cash and drawdown the rest. However, you might decide to leave your savings invested for longer, to help them grow and improve the income you'll receive overall.

Can you take out a tax-free cash lump-sum when you retire?

Yes, many people withdraw 25% of their pension savings as a one-off tax-free lump sum, and then convert the rest into a taxable income for life that's known as an annuity. Many decide to take 25% tax free cash and drawdown the rest. However, you might decide to leave your savings invested for longer, to help them grow and improve the income you'll receive overall.

Can you take out a tax-free cash lump-sum when you retire?

Can you access your pension early if you are ill?

If you've been diagnosed with serious ill health, and you are under 55, then you might be able to take out some or all of your Smart Pension savings early. You may have to provide  medical evidence to support your claim in that situation, but your financial adviser can tell you more about this.

Can you access your pension early if you are ill?

If you've been diagnosed with serious ill health, and you are under 55, then you might be able to take out some or all of your Smart Pension savings early. You may have to provide  medical evidence to support your claim in that situation, but your financial adviser can tell you more about this.

Can you access your pension early if you are ill?

Smart Pension's fund choices

No items found.

Smart All Stocks Index - Linked Gilts Index Fund

0.75%
AMC

Aims to track the return of the FTSE Actuaries British Government Index Linked All Stocks Index, which features UK government bonds with returns linked to the Retail Price Index (RPI).

Smart Annuity Fund

0.75%
AMC

Aims to invest in a way which matches the broad characteristics of investments underlying the pricing of a typical non-inflation linked annuity.

Smart Cash Fund

0.75%
AMC

Aims to maintain capital and provide a return in-line with money market rates by investing in a range of money market securities denominated in sterling.

Smart De-risking Fund

0.75%
AMC

This fund has been created so that it will typically suit most of our members who are approaching their target retirement age and would like a lower level of volatility than the smart growth funds.

Smart Ethical Global Equity Index Fund

0.87%
AMC

Aims to track a filtered index, which excludes companies that operate in industries that breach certain ethical criteria.

Smart Future Fund

0.75%
AMC

This fund aims to replicate the asset allocation, performance and risk profile of our Smart Growth Moderate fund, whilst incorporating additionalscreening criteria that revalues the weighting of each investment depending on their Environmental, Social, and Governance (ESG) score. It aims to limit the additional risks associated with ESG factors.

Smart Growth Fund - Higher Risk

0.75%
AMC

This fund carries a higher risk of fluctuation to your savings but has the potential for high growth, though this is not guaranteed

Smart Growth Fund - Lower Risk

0.75%
AMC

This fund carries the lowest risk of loss but also reduced likelihood of a high return, but it may be suitable if you are concerned about volatility.

Smart Growth Fund - Moderate Risk

0.75%
AMC

This fund has been created so that it will typically suit most our members, it has the medium level of risk of these funds.

Smart Income Fund

0.75%
AMC

Aims to provide long-term investment growth up to and during retirement, to facilitate the drawdown of retirement income.

Smart Lower Risk Fund

0.75%
AMC

This fund has been created so that it will typically suit most of our members who are approaching their target retirement age and would like an even lower level of volatility than the smart growth funds and the de-risking fund.

Smart North America Equity Index Fund

0.75%
AMC

Aims to track the return of the FTSE World North America Index, which provides broad exposure to companies in the North American equity market.

Smart Overseas Bond Index Fund - GBP Hedged

0.85%
AMC

Aims to invest in different types of bonds, including corporate and government bonds both in the UK and overseas.

Smart Sharia Fund

1.01%
AMC

Aims to create long term appreciation of capital through investment in a diversified portfolio of securities which meets Islamic investment principles.

Smart UK FTSE 100 Equity Index Fund

0.75%
AMC

Aims to track the return of the FTSE 100 Index, which contains the largest listed companies on the UK stock market.

Smart World (ex UK) Developed Equity Index Fund

0.75%
AMC

Aims to track the performance of the FTSE Developed (ex UK) Index, which provides broad exposure to large and mid-cap companies in the developed world, excluding the UK.

Smart World Emerging Markets Equity Index Fund

1.12%
AMC

Aims to track the return of the FTSE All-World Emerging Index, which provides access to key emerging economies including Brazil, Russia, India and China.

Smart Pension's fund choices

From 1 December 2020, we are changing the way we charge members of the Smart Pension Master Trust. For employers who have signed up with us directly, we will move their employees who are on the default 0.75% annual management charge to a lower default management charge of 0.30% and a monthly fee of £1.25.

Smart All Stocks Index - Linked Gilts Index Fund

0.75%
AMC

Aims to track the return of the FTSE Actuaries British Government Index Linked All Stocks Index, which features UK government bonds with returns linked to the Retail Price Index (RPI).

Smart Annuity Fund

0.75%
AMC

Aims to invest in a way which matches the broad characteristics of investments underlying the pricing of a typical non-inflation linked annuity.

Smart Cash Fund

0.75%
AMC

Aims to maintain capital and provide a return in-line with money market rates by investing in a range of money market securities denominated in sterling.

Smart De-risking Fund

0.75%
AMC

This fund has been created so that it will typically suit most of our members who are approaching their target retirement age and would like a lower level of volatility than the smart growth funds.

Smart Ethical Global Equity Index Fund

0.87%
AMC

Aims to track a filtered index, which excludes companies that operate in industries that breach certain ethical criteria.

Smart Future Fund

0.75%
AMC

This fund aims to replicate the asset allocation, performance and risk profile of our Smart Growth Moderate fund, whilst incorporating additionalscreening criteria that revalues the weighting of each investment depending on their Environmental, Social, and Governance (ESG) score. It aims to limit the additional risks associated with ESG factors.

Smart Growth Fund - Higher Risk

0.75%
AMC

This fund carries a higher risk of fluctuation to your savings but has the potential for high growth, though this is not guaranteed

Smart Growth Fund - Lower Risk

0.75%
AMC

This fund carries the lowest risk of loss but also reduced likelihood of a high return, but it may be suitable if you are concerned about volatility.

Smart Growth Fund - Moderate Risk

0.75%
AMC

This fund has been created so that it will typically suit most our members, it has the medium level of risk of these funds.

Smart Income Fund

0.75%
AMC

Aims to provide long-term investment growth up to and during retirement, to facilitate the drawdown of retirement income.

Smart Lower Risk Fund

0.75%
AMC

This fund has been created so that it will typically suit most of our members who are approaching their target retirement age and would like an even lower level of volatility than the smart growth funds and the de-risking fund.

Smart North America Equity Index Fund

0.75%
AMC

Aims to track the return of the FTSE World North America Index, which provides broad exposure to companies in the North American equity market.

Smart Overseas Bond Index Fund - GBP Hedged

0.85%
AMC

Aims to invest in different types of bonds, including corporate and government bonds both in the UK and overseas.

Smart Sharia Fund

1.01%
AMC

Aims to create long term appreciation of capital through investment in a diversified portfolio of securities which meets Islamic investment principles.

Smart UK FTSE 100 Equity Index Fund

0.75%
AMC

Aims to track the return of the FTSE 100 Index, which contains the largest listed companies on the UK stock market.

Smart World (ex UK) Developed Equity Index Fund

0.75%
AMC

Aims to track the performance of the FTSE Developed (ex UK) Index, which provides broad exposure to large and mid-cap companies in the developed world, excluding the UK.

Smart World Emerging Markets Equity Index Fund

1.12%
AMC

Aims to track the return of the FTSE All-World Emerging Index, which provides access to key emerging economies including Brazil, Russia, India and China.