Skip to main content Skip to main navigation Accessibility Statement

Coronavirus Money Guidance - Get free trusted guidance and links to direct support

Visit our support hub

Understand and compare your investment pathway options (for pension drawdown)

This tool will help you explore your investment pathway options. Your pension provider must inform you about these investment options if you wish to access your pension through pension drawdown without taking financial advice. Pension drawdown is when you can take your tax-free lump sum and start taking a flexible income now or later.

Investment pathway options may be suitable for you, if you:

How can this tool help me?

Use this tool to:

  • shop around for drawdown products that offer ready-made investment pathway options
  • compare how much they cost in yearly charges
  • compare how the pension providers will invest your money as this will vary

To get the most out of the tool we’ll ask you to provide the following details:

  • date of birth
  • pension pot value

What can I expect from this tool?

Watch this short video (75 seconds) about investment pathways, using the tool and what to do if you’re unsure about your pension income options. (Download the video transcript) link opens a Word DOC in a new window

Frequently asked questions:

What if I need more help about my pension income options?

Further information about your options for taking money out of your pension can be found on the Pension Wise website (Opens in a new window) or you can book an appointment (Opens in a new window) to get free, impartial guidance on your options from a pension specialist over the phone or face-to-face.

How much income can I take from my pension drawdown pot?

With pension drawdown you decide when to start taking money and how much income to take. You can use our pension drawdown calculator (Opens in a new window) to help you estimate how long your pension pot might last depending on the level of income you want to take.

How much tax-free lump sum can I take?

You can normally choose to take up to 25% (a quarter) of your pension pot as a tax-free lump sum. Some older pensions might let you take more than 25% so it’s worth checking with your pension provider.

Find out more about your tax-free lump sum entitlement. (Opens in a new window)

Do I need a financial adviser to help me decide?

If you are unsure about which retirement income option is best for you, how much income to take or how to invest your money once you have withdrawn your tax-free lump sum then obtaining financial advice could be a good option for you.

Find out more about using a financial adviser. (Opens in a new window)

What if my circumstances or plans change in the next 5 years?

You can change your income and investments - including changing investment pathways - at any time. You can also change product providers or choose a different retirement income option such as a guaranteed income at any time.

For a reminder of what you should consider see our pension drawdown page. (Opens in a new window)

Our promise to you

  • We are set up by government so our tables and results are unbiased
  • We don't receive any incentive or commission
  • We will not contact you or share your details

Web chat

Sorry, web chat is only available on internet browsers with JavaScript.

Got a question? Our advisers will point you in the right direction.

Open:

  • Monday to Friday, 8am to 6pm
  • Saturday, 8am to 3pm
  • Sunday and Bank Holidays, closed

Unavailable

Understand and compare your investment pathway options - WhatsApp Logo WhatsApp

  • Need help sorting out your debts, have credit questions or want pensions guidance?
  • Add +44 7701 342744 to your Whatsapp and send us a message.
  • For everything else please contact us via Webchat or Telephone.

Contact Us

Open:

  • Give us a call for free and impartial money advice.
  • 0800 138 7777

  • Typetalk: 18001 0800 915 4622
  • Monday to Friday, 8am to 6pm
  • Saturday, Sunday and Bank Holidays, closed