I'm planning to take my IWDC pot

Understand how and when you can take your IWDC pot and find out how to apply when you're ready.

Are you preparing to take your IWDC pot?

If you're preparing to take your IWDC pot (known as your 'Personal Retirement Account'), there are several things to think about.

Take the time to understand the options available to you, including any tax implications, and consider what's right for your circumstances before making any decisions. Visit the pages below for more information.

If you need further support, you can find information on our guidance and advice page. You can also get help from Pension Wise or you might want to speak to an Independent Financial Adviser.

A calendar with a date ringed in red pen, next to a small plant with money growing from it. The plant is labelled, PRA.

In this section...

How much I'll need for retirement

If you’re getting ready to retire, or just thinking ahead, it’s good to know if your pension savings are on track.

When to retire

Find out when you can take your IWDC pot.

Staying in work

Learn more about the rules and tax implications of staying in work after you take your IWDC pot.

 

How I can take my IWDC pot

Find out more about the different ways you can take your IWDC pot.

 

Understanding drawdown

Learn about how you can take your IWDC pot bit by bit as a flexible income. This is known as drawdown.

 

Understanding annuities

Learn more about taking your IWDC pot to purchase an 'annuity', which will give you an income either for life or for a set amount of time.

Understanding encashment

Learn more about taking your entire IWDC pot as a cash payment. This is known as encashment.

Making the right decision

Things to consider before you decide when and how to take your IWDC pot.

Applying to take my IWDC pot

What to do when you're ready to take your IWDC pot and what will happen next.