Pension FAQs

You can access your pension when you turn 55 (rising to 57 in 2028). Subject to current pension rules, you'll be able to withdraw 25% of the total amount tax-free, with the rest being taxed based on your individual circumstances. However, you don’t have to take any of your pension if you don’t want to. If you’re still working, for example, you can leave the money in your pension – and continue to contribute – until you retire.

The way you take your money out of your pension (a process known as moving your pension into drawdown), will vary depending on the type of pension you have.

If you have a defined benefit pension, you will receive a specific income for life, which should increase every year. If you have a defined contribution scheme, then you’ll be able to choose how you want to withdraw your funds using one of the following methods:

• Take your whole pension in one go as a lump sum.
• Withdraw money whenever you need it.
• Receive a regular income.

Wealthify doesn’t offer a pension tracing  service.

However, if you're looking to transfer your pension to us, we will need to know who your pension is with and a reference number.

Normally, pension providers will issue you an annual statement that comes through the post — even if it's a lost pension you no longer pay into.

Your policy number should be included in the letter. If you know the pension provider but can’t find a statement, you may still be able to find your pension by contacting the provider.

In the case of a workplace pension (a pension set up by your employer), if you don’t know who the provider is, then your first port of call should be contacting your employer.

If you need help finding a lost workplace or personal pension, please visit the Pension Tracing Service, which is a free, government-run service.