Your pension choices at retirement

You can access your pension savings any time after your 55th birthday, but you may want to retire later

You can choose how and when to access your savings

Everyone's situation is different. Depending on your circumstances when you do reach your chosen retirement age, you'll have a range of options. But at the moment, all men and women in the UK can access their pension savings at any time after their 55th birthday.

The Smart Pension Master Trust has a default retirement age of 65. That might not work for you, as you may want to carry on working or you might decide to retire earlier. The Government is intending to increase the earliest age at which you can retire as state pension age rises, so that it remains 10 years less than the state pension age.

We've made it easy to change your retirement date. Sign in to your account  to check your retirement date or update it. You'll find the details in the 'Account' section of your Smart Pension account.

Update your retirement age

You can choose how and when to access your savings

Everyone's situation is different. Depending on your circumstances when you do reach your chosen retirement age, you'll have a range of options. But at the moment, all men and women in the UK can access their pension savings at any time after their 55th birthday.

The Smart Pension Master Trust has a default retirement age of 65. That might not work for you, as you may want to carry on working or you might decide to retire earlier. The Government is intending to increase the earliest age at which you can retire as state pension age rises, so that it remains 10 years less than the state pension age.

We've made it easy to change your retirement date. Sign in to your account  to check your retirement date or update it. You'll find the details in the 'Account' section of your Smart Pension account.

Update your retirement age

Making decisions about your income in retirement

There are a number of different ways you can access your pension savings. What you choose to do will depend on your situation. It’s very important to make an informed decision, because you can’t change your mind about it at a later date. The PensionWise website keeps up to date information about your options, and we recommend that you speak to an independent financial adviser.

Visit PensionWise

Making decisions about your income in retirement

There are a number of different ways you can access your pension savings. What you choose to do will depend on your situation. It’s very important to make an informed decision, because you can’t change your mind about it at a later date. The PensionWise website keeps up to date information about your options, and we recommend that you speak to an independent financial adviser.

Visit PensionWise

Taking your pension savings later

If you want to stop working but don’t want to start drawing on your savings, you can become what’s known as a ‘deferred member’. This means you wouldn’t be paying into the scheme, but we would still be managing your savings for you.  

Taking your pension savings later

If you want to stop working but don’t want to start drawing on your savings, you can become what’s known as a ‘deferred member’. This means you wouldn’t be paying into the scheme, but we would still be managing your savings for you.  

Carry on working but start using your savings

We don't offer this at present but some providers will let you take up to 25% of pension savings as a tax-free lump sum as soon as you turn 55. Many people do this when they 'semi-retire'. It reduces the annual allowance to £4k per year for contributions to a money purchase scheme.  

You might:

  • stop paying in, but leave your pension savings alone
  • stop paying in and take a lump-sum tax free
  • stop paying in but start to decumulate - drawdown some savings regularly
  • leave your savings as they are, and keep paying in

If your pension savings are worth £10,000 or less, you could take the whole amount. It all depends on your circumstances. If you do decide to take your savings but carry on paying into the scheme, then the amount of tax relief you will receive will reduce.

For all small lump sums, please contact us at pensionclaims@smartpension.co.uk. When you come to access your funds, you will need to complete the retirement options form (pdf).

Carry on working but start using your savings

We don't offer this at present but some providers will let you take up to 25% of pension savings as a tax-free lump sum as soon as you turn 55. Many people do this when they 'semi-retire'. It reduces the annual allowance to £4k per year for contributions to a money purchase scheme.  

You might:

  • stop paying in, but leave your pension savings alone
  • stop paying in and take a lump-sum tax free
  • stop paying in but start to decumulate - drawdown some savings regularly
  • leave your savings as they are, and keep paying in

If your pension savings are worth £10,000 or less, you could take the whole amount. It all depends on your circumstances. If you do decide to take your savings but carry on paying into the scheme, then the amount of tax relief you will receive will reduce.

For all small lump sums, please contact us at pensionclaims@smartpension.co.uk. When you come to access your funds, you will need to complete the retirement options form (pdf).

Carry on working and pay more into your pension

When you do review your pension savings, you might want to boost your retirement income with higher contributions for a while. Boosting your pension savings is easy.

Carry on working and pay more into your pension

When you do review your pension savings, you might want to boost your retirement income with higher contributions for a while. Boosting your pension savings is easy.

Don't retire, carry on contributing

If you’re still employed, you can simply carry on paying in to your Smart Pension. We do need you to keep us up to date if you delay your retirement, though. It’s important, because we want to manage your savings responsibly.

If you decide you’d like to carry on working, we will update our systems to reflect that. We can also then carry on giving you annual statements that include a more accurate projection of your income. If you are still contributing to your pension after your 75th birthday, then at the moment tax relief isn't available.

Don't retire, carry on contributing

If you’re still employed, you can simply carry on paying in to your Smart Pension. We do need you to keep us up to date if you delay your retirement, though. It’s important, because we want to manage your savings responsibly.

If you decide you’d like to carry on working, we will update our systems to reflect that. We can also then carry on giving you annual statements that include a more accurate projection of your income. If you are still contributing to your pension after your 75th birthday, then at the moment tax relief isn't available.

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.

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.

You can choose how and when to access your savings

Everyone's situation is different. Depending on your circumstances when you do reach your chosen retirement age, you'll have a range of options. But at the moment, all men and women in the UK can access their pension savings at any time after their 55th birthday.

The Smart Pension Master Trust has a default retirement age of 65. That might not work for you, as you may want to carry on working or you might decide to retire earlier. The Government is intending to increase the earliest age at which you can retire as state pension age rises, so that it remains 10 years less than the state pension age.

We've made it easy to change your retirement date. Sign in to your account  to check your retirement date or update it. You'll find the details in the 'Account' section of your Smart Pension account.

Update your retirement age

You can choose how and when to access your savings

Everyone's situation is different. Depending on your circumstances when you do reach your chosen retirement age, you'll have a range of options. But at the moment, all men and women in the UK can access their pension savings at any time after their 55th birthday.

The Smart Pension Master Trust has a default retirement age of 65. That might not work for you, as you may want to carry on working or you might decide to retire earlier. The Government is intending to increase the earliest age at which you can retire as state pension age rises, so that it remains 10 years less than the state pension age.

We've made it easy to change your retirement date. Sign in to your account  to check your retirement date or update it. You'll find the details in the 'Account' section of your Smart Pension account.

Update your retirement age

You can choose how and when to access your savings

Making decisions about your income in retirement

There are a number of different ways you can access your pension savings. What you choose to do will depend on your situation. It’s very important to make an informed decision, because you can’t change your mind about it at a later date. The PensionWise website keeps up to date information about your options, and we recommend that you speak to an independent financial adviser.

Visit PensionWise

Making decisions about your income in retirement

There are a number of different ways you can access your pension savings. What you choose to do will depend on your situation. It’s very important to make an informed decision, because you can’t change your mind about it at a later date. The PensionWise website keeps up to date information about your options, and we recommend that you speak to an independent financial adviser.

Visit PensionWise

Making decisions about your income in retirement

Taking your pension savings later

If you want to stop working but don’t want to start drawing on your savings, you can become what’s known as a ‘deferred member’. This means you wouldn’t be paying into the scheme, but we would still be managing your savings for you.  

Taking your pension savings later

If you want to stop working but don’t want to start drawing on your savings, you can become what’s known as a ‘deferred member’. This means you wouldn’t be paying into the scheme, but we would still be managing your savings for you.  

Taking your pension savings later

Carry on working but start using your savings

We don't offer this at present but some providers will let you take up to 25% of pension savings as a tax-free lump sum as soon as you turn 55. Many people do this when they 'semi-retire'. It reduces the annual allowance to £4k per year for contributions to a money purchase scheme.  

You might:

  • stop paying in, but leave your pension savings alone
  • stop paying in and take a lump-sum tax free
  • stop paying in but start to decumulate - drawdown some savings regularly
  • leave your savings as they are, and keep paying in

If your pension savings are worth £10,000 or less, you could take the whole amount. It all depends on your circumstances. If you do decide to take your savings but carry on paying into the scheme, then the amount of tax relief you will receive will reduce.

For all small lump sums, please contact us at pensionclaims@smartpension.co.uk. When you come to access your funds, you will need to complete the retirement options form (pdf).

Carry on working but start using your savings

We don't offer this at present but some providers will let you take up to 25% of pension savings as a tax-free lump sum as soon as you turn 55. Many people do this when they 'semi-retire'. It reduces the annual allowance to £4k per year for contributions to a money purchase scheme.  

You might:

  • stop paying in, but leave your pension savings alone
  • stop paying in and take a lump-sum tax free
  • stop paying in but start to decumulate - drawdown some savings regularly
  • leave your savings as they are, and keep paying in

If your pension savings are worth £10,000 or less, you could take the whole amount. It all depends on your circumstances. If you do decide to take your savings but carry on paying into the scheme, then the amount of tax relief you will receive will reduce.

For all small lump sums, please contact us at pensionclaims@smartpension.co.uk. When you come to access your funds, you will need to complete the retirement options form (pdf).

Carry on working but start using your savings

Carry on working and pay more into your pension

When you do review your pension savings, you might want to boost your retirement income with higher contributions for a while. Boosting your pension savings is easy.

Carry on working and pay more into your pension

When you do review your pension savings, you might want to boost your retirement income with higher contributions for a while. Boosting your pension savings is easy.

Carry on working and pay more into your pension

Don't retire, carry on contributing

If you’re still employed, you can simply carry on paying in to your Smart Pension. We do need you to keep us up to date if you delay your retirement, though. It’s important, because we want to manage your savings responsibly.

If you decide you’d like to carry on working, we will update our systems to reflect that. We can also then carry on giving you annual statements that include a more accurate projection of your income. If you are still contributing to your pension after your 75th birthday, then at the moment tax relief isn't available.

Don't retire, carry on contributing

If you’re still employed, you can simply carry on paying in to your Smart Pension. We do need you to keep us up to date if you delay your retirement, though. It’s important, because we want to manage your savings responsibly.

If you decide you’d like to carry on working, we will update our systems to reflect that. We can also then carry on giving you annual statements that include a more accurate projection of your income. If you are still contributing to your pension after your 75th birthday, then at the moment tax relief isn't available.

Don't retire, carry on contributing

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

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.