Pension flexibilities and DWP benefits

Document type
Other
Corporate author(s)
Great Britain. Department for Work and Pensions
Publisher
DWP
Date of publication
1 March 2015
Subject(s)
Poverty Alleviation Welfare Benefits and Financial Inclusion, Employment
Collection
Social welfare
Material type
Reports

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From 6 April 2015 people aged 55 and over have more flexibility about what they do with their defined contribution pension savings. This is where they build up a pot of money rather than the right to a pension. For example, someone, (or their partner) might choose to:

  • Take the whole amount as a lump sum.
  • Take a number of lump sums out.
  • Arrange ‘flexible drawdowns’, where lump sums or regular payments can be drawn down.
  • Buy an annuity.