At age 55 a modern pension would enable you to dip into your money if and when you need it. Typically, the longer you leave your pension untouched for, the more chance it has of benefitting from maximum growth. However if you need to access your pension for any reason a flexible policy will enable this. Remember, as long as you’re in a flexible pension you can access the first 25% tax free. If you need to dip into your money we would suggest taking as little of your 25% as possible and leaving the rest invested to benefit from the expected economic recovery.
However, 94% of the pensions that we review do not offer flexible access*. This is something to check on before the time comes that you wish to take advantage of your tax free cash. Find out more.
*Based on 2702 pensions reviewed between October 2019 - March 2020