Exchanging pension for a cash lump sum

When you retire you will have the option to exchange part of your pension for a tax-free cash lump sum - up to a maximum amount set by HMRC. 

This lump sum is known as a “Pension Commencement Lump Sum (PCLS)”. 

The terms for exchanging pension income for a cash lump sum may be reviewed and altered by the Trustee from time to time.

It may be possible for you to exchange further pension for a lump sum but this would be subject to tax.

Cash lump sum