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Retirement

Helping members feel more confident about retirement with built-in guidance and a clear view of their pension savings.

Flexible retirement with Smart Retire

From the age of 55 (changing to age 57 from April 2028), members get to control how and when they access their pension savings, and can retire the way that suits them best.

A range of options

We offer a range of retirement options, allowing members to combine solutions to suit their needs, at no extra cost.

Everything in one account

No new setup, extra paper or logins – just one familiar place to manage retirement savings.

Built-in planning tools

Built-in digital guided journeys and support tools, helping build pension confidence. 

Flexible income pot
30%
Rainy day pot
10%
Inheritance pot
15%
Later life pot
45%

Pots for each stage of retirement

With Smart Retire, members can use flexi-access drawdown to take up to 25% of their pension tax-free as a single lump sum. The rest stays invested, split across four pots to suit members' needs.

Flexible income pot

Take a monthly income in the early years of retirement.

Rainy day pot

Members can dip into this pot when needed and money will be in their bank account within eight working days.

Later life pot

Leave money invested for a guaranteed income from an annuity provider later in retirement.

Inheritance pot

Members can put money aside to leave behind to loved ones or causes they care about. This pot can also be helpful for long-term saving needs such as the provision of long-term care.

More than one option

There are other ways members can take their pension, including an annuity or a series of lump sum payments.

Take a series of lump sums

Members have the option to continue saving and withdraw lump sums from their savings when it suits them.

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Annuity

An annuity turns a member's pension into a guaranteed income for life or a set term. The amount depends on their annuity rate and personal factors.

There are two ways members can withdraw their money when they choose this option:

  • a small pot commutation (if the value of their savings is £10,000)
  • an uncrystallised funds pension lump sum (if the value of their savings exceeds £10,000)

Retirement planning tools to support members

Retirement calculator

Pension health score

Life expectancy calculator

Support on hand

We want to make retirement planning easier for everyone involved.

Dedicated UK support

Members can contact our dedicated UK Retirement Support Team.

Access resources

Access a range of useful videos, guides and resources that help them retire their way.

Telephone service

Access a telephone application service where our team will walk members through, providing practical support.

Join Smart Pension today

Join 100,000 employers and more than two million individuals already using Smart Pension to help save for retirement.