When you retire you can choose to receive part of your Pension Account as a tax-free cash sum. You will be told how much cash you can take shortly before you retire. Normally, this would be up to 25% of the overall value of your Pension Account.

In general, cash sums are tax free, whereas pensions are taxed (as income).  We recommend that you take financial advice regarding how much tax-free cash to take from the Plan.