You may be aware that the Government made changes to Pensions legislation which mean that, with effect from April 2015, people with certain types of pension arrangement have more choices and are able to access their pensions in a more flexible way.

The types of pension arrangement that this applies to are known as Defined Contribution (“DC”) or Money Purchase pension schemes, in which you build up a pot of money rather than a pension based on a formula (like the Career Average Plan).

Here we explain how these flexibilities work, so that you can consider whether they are likely to be something you would like to take advantage of.

Note that the UUKPF is not offering these new flexibilities directly, however there are ways in which you may be able to access them if you would like to and we’ll cover this shortly.

The flexibilities for "DC" pensions

Since April 2015 someone with money purchase savings in a registered pension scheme (their “DC pension pot”) has the choice of being able to access this at any time from age 55 and use their pot in one or more of the following ways:

"Pension Wise - your money your choice"

If they apply to you, choosing between the options available is something that you should think carefully about. Anyone over the age of 55 retiring with a DC Pension is eligible for free guidance on the options available to them. This Government initiative is called “Pension Wise – your money your choice”.

Visit to find out more.

The information provided here is not intended to replace this guidance.

As well as any guidance you receive as part of the Government’s initiative, you can always speak to a financial adviser to talk through your options. You can find a list of IFAs here.