Accessing Your Pension Savings

Make sure your pension works as hard as you have.

For many of us, reaching 55 brings more than a birthday card, it’s a moment when your pension can finally start paying you back. Yet thousands of people end up short-changed simply by taking the first offer from their pension provider or by missing out on guidance that could help them get far more from their savings.

At Radio Times, we believe retirement should feel exciting, not overwhelming. That’s why we’ve created a Retirement Planning Service, to help you get the most from your pension savings. Whether your looking to access your pension, or review your current pension plan, Radio Times is here to help.

Why choose The Radio Times Pension Service?

Independent, expert financial advice
Free recommendations showing how to make the most of your pension, with no obligation
Access to the full range of retirement options
Market-leading annuity rates
A low-cost pension drawdown service with a choice of investment funds

Whatever stage you're at, our aim is simple: to make quality pension advice accessible and affordable for everyone.

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The complete guide to accessing your pension

Our free Radio Times pension guide provided by Pense walks you through everything you need to know, including:

Key things to think about before retiring
The different options available for your pension
How financial advice can help you maximise your savings
A simple, step-by-step guide to accessing your pension

Request your free guide or speak to an adviser today.

Lifetime Annuities – Guaranteed income for life

A lifetime annuity is a straightforward, dependable way to turn your pension savings into a regular income that lasts as long as you do. For many retirees, it’s the comforting backbone of their financial plan, a steady income you can rely on year after year.

What determines the income you receive?

Your age – older applicants may receive higher payments
Your health – certain medical conditions can improve your rate
Your lifestyle – smoking, high BMI and some occupations may also qualify you for more

Enhanced Annuities

If you have health issues or lifestyle factors that could affect your life expectancy, you may be eligible for an enhanced annuity, offering a noticeably higher income.

Why shop around?

Providers differ, sometimes significantly. Working with a specialist ensures you don’t miss out on a better deal elsewhere.

Key benefits

A guaranteed income for life
Options such as inflation protection or a pension for your spouse
Potential for higher income through enhanced rates

We work with all lifetime annuity providers to secure the best deal, so much so that we offer a £200 price-beat guarantee.

Please be mindful that although a lifetime annuity provides a guaranteed income for life, once set up it is irreversible. Your income is set at purchase and may not keep up with inflation.

Use our lifetime annuity calculator

Fixed-Term Annuities – Security with flexibility

If you like the idea of guaranteed income but want to keep your future choices open, a fixed-term annuity offers the best of both worlds. It provides a reliable income for a set number of years, usually between three and ten, and then returns a guaranteed lump sum at the end.

How it works

Take up to 25% of your pension as tax-free cash
Choose how much income you want and for how long
Receive a Guaranteed Maturity Amount (GMA) at the end of the term

Please note, a fixed-term annuity provides a guaranteed income for a set period and allows you to review your options at the end of the term. However, future market conditions and annuity rates may be different from those available today.

We compare all leading fixed-term annuity providers to find the right fit for you.

Use our fixed-term annuity calculator

Pension Drawdown – Total flexibility for your retirement

If you prefer to keep your pension invested and draw from it as and when you need, flexi-access drawdown could suit you perfectly. It’s ideal for those wanting control, choice and the ability to adapt their income over time.

What you can do

Take a 25% tax-free lump sum
Withdraw income when you choose
Keep the rest invested
Leave any remaining funds to loved ones

What to bear in mind

Investments can fall as well as rise
Withdrawing too much too soon could mean running out of money
Income withdrawals are taxable
Professional advice is essential to keep your plan on track

With the right advice, drawdown offers both freedom and financial confidence.

The value of investments can fall as well as rise, and taking withdrawals could affect how long your pension lasts.

Use our pension drawdown calculator

The Radio Times Pension Service is provided by Pense Limited. Radio Times is a trading name of Immediate Media Company London Limited which is an Introducer Appointed Representative of Pense Limited, 1 Derwent House, Richmond Business Park, Sidings Court, Lakeside, Doncaster DN4 5NL. Pense Ltd is authorised and regulated by the Financial Conduct Authority number 231629.