Stay where you are
There’s no rush. You can leave your pension savings with us where they are for now, and plan to take them at a later date.
You can take some or all your pension savings with us as cash. You can either take cash in chunks, or take all your pension savings at once. You have complete freedom to use the cash in any way you want. The only thing you can’t do is put it back into a pension.
It’s also important to understand what tax you’ll have to pay.
Only a quarter of the cash you take is tax-free. You’ll be liable for tax on the other three-quarters.
Depending on your circumstances, this could put you into a higher tax bracket for the year – so you’d pay even more tax.
Also, if you carry on paying into your pension savings, the combined amount you and your employer can put in and still benefit from tax relief falls to £4,000 a year (from £40,000).