Which? How and when should you take your pension?
Mar 1, 2026
Tom Selby, Director of Public Policy at AJ Bell, explains pension freedoms and access rules. Several retirees share short, practical stories about why and when they chose to stop working. They discuss annuities versus drawdown, tax-free cash rules, rising exit ages and where to find impartial guidance.
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No Fixed Retirement Age After 2015 Reforms
- There is no single compulsory retirement age and you can access private pension savings flexibly after age 55 (rising to 57 in 2028).
- Tom Selby explains 2015 reforms removed set retirement triggers so people can draw pensions whenever they need to supplement income, not tied to state pension age.
Personal Stories Of Why People Retire Early Or Late
- One retiree stopped working at 58 to care for family and prioritised time over income, finding retirement energising rather than a cliff edge.
- Another retired after losing a job and then pursued a university degree to do something different after 50 years of work.
Widespread Advice Gap For Pension Decisions
- Most people approaching retirement lack a clear plan and many access pensions without regulated advice, creating an 'advice gap'.
- FCA research shows three quarters aged 45+ don't have a clear withdrawal plan and under one third received regulated advice when accessing pensions.