RETIREMENT SUPPORT
Free, no obligation consultation
Why choose HL?
Talk through your options
HL's Retirement Specialists are available by phone or email at a time that's convenient to you.
A retirement that's personal to you
Access your main retirement options covering both flexible and secure options.
Get live quotes now
We shop around for you to find the best rates from all the UK annuity providers.
Important information: What you do with your pension is an important decision that you might not be able to change. You should check you're making the right decision for your circumstances and that you understand all your options and their risks. The information on our website and your conversation with a Retirement Specialist isn’t personal advice, but we can offer financial advice if you'd like it – please let your Retirement Specialist know if this is of interest. The government's free and impartial Pension Wise service can help those aged 50 or over understand what type of pension they have, how to access their pension savings and the potential tax implications of each option.
Book a call
Thank you, we’ve received your form. We'll send you a confirmation email shortly.
There was a problem sending your message.
Please contact us for help.
Keen to understand more before your call?
Compare your retirement options:
There are three main ways you can access your pension: by getting an annuity, moving into drawdown or by taking lump sums. Or you can mix and match, which could help you find the right balance of security and flexibility. Please remember that money in your pension can’t usually be accessed until age 55 (rising to 57 in 2028). Tax rules can change and benefits depend on personal circumstances.
ANNUITIES
Overview: Swap money in your pensions for a guaranteed income for the rest of your life.
Tax: You can usually take up to 25% tax-free cash at the start. Your income is taxable.
BENEFITS
- Your income is guaranteed for life. This is true no matter how long you live or what the stock markets are doing.
- You can choose options so your income increases. This means your buying power could keep up with inflation.
- Your income could continue after you die if you've chosen certain options when you get quotes and apply.
RISKS
- You can't change your options if your circumstances change.
- You can't cash in your annuity.
- Annuity rates might rise in the future, but you won't benefit from this if your annuity is already being paid.
DRAWDOWN
Overview: Keep your pension invested. Take the income you want when you want.
Tax: You can usually take up to 25% tax-free cash at the start. Any income you withdraw is taxable.
BENEFITS
- Withdraw what you want, when you want. So you keep your options open if your circumstances change.
- Potentially beat inflation with returns from your investments. You could maintain your buying power as prices rise.
- Pass on your money - when you die this can normally be paid as a lump sum or as income.
RISKS
- You could run out of money if you withdraw too much too soon, your investments don't perform as you'd hoped or you live longer than expected.
- Income isn't secure, it could fall or even stop completely.
- It's possible you'll get back less than you originally invested, as all investments can fall as well as rise in value.
LUMP SUMS
Overview: Keep your pension invested. Take the lump sums you want, when you want.
Tax: Usually 25% of each withdrawal is tax free, and the rest is taxable.
BENEFITS
- Withdraw what you want, when you want. So you keep your options open if your circumstances change.
- Potentially beat inflation with returns from your investments. You could maintain your buying power as prices rise.
- Pass on your money - when you die this can normally be paid as a lump sum or as income.
RISKS
- You could run out of money if you withdraw too much too soon, your investments don't perform as you'd hoped or you live longer than expected.
- Income isn't secure, it could fall or even stop completely.
- It's possible you'll get back less than you originally invested, as all investments can fall as well as rise in value.
Try out our calculators
Annuity quote calculator
Compare different annuity options and compare rates from across the market in minutes.
Drawdown calculator
Calculate what level of income withdrawals might be sustainable, and when you may run out of money.
