Taking benefits
A technical term for accessing your pension. You can ‘take benefits’ at any time following your 55th birthday, though this is rising to 57 in 2028.
You can access your pension in a variety of ways, including drawdown, a series of smaller lump sums or an annuity. Usually you can take the first 25% of your pension tax free.
More on accessing your pensionPopular terms
Ready-made pension
A simple, low-cost pension where you choose from four AJ Bell fund options.
Money paid in is automatically invested...
Pension builder
The Pension builder fund is AJ Bell’s low-cost standard option, designed to help you invest the money you’ve paid into...
Non-workplace pension
A type of pension that you set up yourself. You control how much you pay in (and when) as well...