On 6 April 2015, the government introduced major changes to peoples private pension provision. Once you reach the age of 55 years, you now have much more freedom to access your pension savings or pension pot and to decide what to do with this money.
This factsheet explains some basic information about your choices with respect to drawing down pension savings. You can contact Pension Wise for information and guidance.
This factsheet sets out the impact of different choices drawing down pension funds on working-age means-tested benefits and Pension Credit. These cover issues affecting your income, your capital, and whether you have deprived yourself of money to increase entitlement.