Additional choice when you retire: take out a ‘lump sum’

From 2023, you will be able to take out part of your pension in one go when you retire. You will then receive a maximum of 10% of your retirement pension in one go. This is laid down in a new law that will probably come into force on 1 January 2023.
23 May 2022

It means that you get an extra option to better match your pension to your personal (financial) situation and wishes. The amount you take out can be spent freely. Your monthly life-long pension benefits will however be lower as a result. Also, taking out an amount in a lump sum can have consequences in terms of tax and any allowances or other benefits.

Here you can read more if you opt for a lump sum and what you need to pay attention to. You will also find our answers to frequently asked questions. Check here for other options you have for your pension.