Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Personal pension definition

What does Personal pension mean? A personal pension is an individual, contract-based, defined contribution arrangement that a person sets up with an authorised provider to build a retirement pot. It functions like a money box for the individual: contributions (from the saver and, in some cases, an employer) are invested, and the benefits depend on the amount paid in and investment returns. In the UK, personal pension scheme is a statutory category, distinct from occupational schemes and generally registered for tax purposes under the Finance Act 2004. Common forms include stakeholder pensions and Self-Invested Personal Pensions (SIPPs). Providers and advice are regulated by the FCA; where...

UK pension retirement benefits: cash lump sums, pensions, drawdown, flexi-access drawdown, phasing, anti-recycling, QROPS and the overseas transfer charge, and post-2023 lifetime allowance abolition

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Practice notes

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This Practice Note examines the benefits payable when a member of an occupational or Personal pension scheme retires. It considers how to optimise those benefits in practice and the breadth of their flexibility. The benefits covered include:

Tax-free cash lump sums;
pensions;
drawdown pensions; and
flexible drawdown pensions.

The Practice Note also outlines the position of qualifying recognised overseas Pension schemes (QROPS) and transfers of retirement benefits that could give rise to the overseas transfer charge applying from 9 March 2017.

Benefits on retirement—general

Since 6 April 2010, the payment of retirement benefits is generally permitted only from age 55 (the normal minimum pension age). There is no upper age by which such benefits must be taken. Individuals do not need to cease work to receive benefits, and a member’s retirement benefits do not all have to vest simultaneously; they may instead be taken in tranches (see below). From 6 April 2015, flexible drawdown has been available to members of defined contribution schemes, enabling them to access as much as they want, when they want...

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Web page updated on 21/05/2026

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