What is considered ‘flexible access’ when it come to my pension benefits?

I am getting myself up to speed with all the changes in the pension legislation in the 2015 Budget and I want to make sure I am clear on what flexible pension access actually means and the types of pension it impacts.

Question asked by Gareth Small
Are You Pension Happy?
Call us on 02084327334
I know how much my pension is worth
I know how much my pension costs
I have clear financial goals for my retirement

Answered by Neil Adams

Under the current rules, ‘flexibly accessing’ your pension benefits covers:

  • Taking an uncrystallised funds pension lump sum (UFPLS) or a standalone lump sum;
  • Having flexible drawdown before 6 April 2015;
  • Taking an income payment from a drawdown plan set up (or converted to flexible drawdown) after 5 April 2015;
  • Exceeding the income limits from a drawdown plan set up before 6 April 2015;
  • Taking an income payment from a scheme pension with 12 or fewer members or from a flexible annuity;

However, it does not include:

  • Taking tax-free cash and no income;
  • Taking a pension as a ‘small pot’ (i.e. less than £10,000 in value);
  • Taking income from a ‘capped drawdown’ plan set up before 6 April 2015, which remains within the capped limits;
  • Taking a pension as an annuity or scheme pension.
pension flexible access
pension flexibility
retirement planning
pension freedom
This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
Start your journey today...
  Find out how a Drewberry financial adviser can help you reach your destination by making the most of your finances.
Call us on 

Frequently Asked Pensions Advice Questions

My husband and I are separating after 25 years. He’s always been the breadwinner, whereas I’ve...
I’m looking to invest for my retirement and want to know how to go about starting a new pension....
I have a pension but I’m not really sure what it is, please can...
My wife doesn’t have much of a pension and I want to make sure she is financially stable once she...
Need Help? Live chat now and get an instant answer from our Experts...


Our Latest Reviews
Matthew Draper

Excellent service at convenient times of the day specified by me. All product options were clearly outlined and I am very pleased.

Paul Devine

First class service. Helped me through the process from start to finish. Egle and Francis were very professional and talked me though all my options. Once the policies were set up, the after care after was also first class. Highly recommend. 5 stars all day long.

Josip Marjanovich

Victoria was very helpful about selection of suitable insurance. She always answered all questions in a timely manner.

We are rated 4.9/5 based on 1512 independent client reviews.
To read more of our independent client reviews click here →
4.93 / 5 Average
652 Reviews
Verified Buyer
Overall Rating
The whole process was a pleasure. Drewberry we're easy to deal with, polite, knowledgeable and helpful
Verified Buyer
Overall Rating
Very good, clear service would recommend to friends and family
Overall Rating
Sam Carr provided an efficient and professional service.
Verified Buyer
Overall Rating
Sam Carr provided a professional but enthusiastic service and helped make the whole process very straight forward. Goodness knows I have been through enough application forms recently. My insurance product was never going to be easy to find and I had been rejected on a number of other occasions through others ironically due to well managed common health conditions. I identified Drewberry in a last and disappointing trawl on th web to find someone that actually wanted to take on a difficult case like me. Some brokers wouldn't even consider me. When we applied for my first choice product Sam wasn't at all deterred by the long wait for my GP report or the final rejection that came back from the insurer, sadly I have become used to it. Within a day he had lined up the second choice and to my surprise he had hit the nail on the head and introduced me to the correct insurer and terms for my needs whilst nogotiating an excellent premium. I am extremely satisfied with what Sam has achieved for me and I would have no hesitation in recommending either him or Drewberry to friends, family and and business contacts. In the future, Drewberry will be my first point of contact. Many thanks!
Overall Rating
Tailored to my need and the staff gave very good service