Taking Money from Your Pension: Your Options

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About Course

Understand your choices for a defined contribution (pot-based) pension: when you can access it, the 25% tax-free amount, annuities, drawdown, lump sums and cashing in the whole pot, plus the tax traps and scams to avoid. Includes free Pension Wise guidance for over-50s.

This course gives general information only. It is not financial, tax or legal advice, and Tutwoo is not authorised by the Financial Conduct Authority to give financial advice. Figures and rules were checked against official sources on 30 October 2026 and can change. For help with your own situation, use free guidance from MoneyHelper or speak to a regulated adviser.

© 2026 Tutwoo UK Limited. This course was created in-house by Tutwoo and is our original work. It is for your own learning only: please do not copy, share, record or resell it.

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What Will You Learn?

  • Know when you can access a personal or workplace pension, including the rise to 57 in April 2028
  • Compare annuities, drawdown, lump sums and taking the whole pot
  • Understand the tax-free lump sum, the lump sum allowance and how the rest is taxed
  • Recognise the Money Purchase Annual Allowance, emergency tax and pension scams

Course Content

Course Lessons

  • When you can take your pension
  • Your four main options
  • Tax, traps and scams

Sources & Further Reading
The official guidance this course is based on.

Final Assessment

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