Flexible benefits

Flexible benefits are ways that members of defined contribution pension schemes can take money from their pension pots after age 55. The LGPS is not a defined contribution pension scheme. The introduction of flexible benefits in 2015 did not bring in any new ways that you can take your LGPS pension.

There are four main ways that members of defined contribution pension schemes that offer flexible benefits can take money from their pension pots. Those four ways are:

• to purchase an annuity (yearly pension) or scheme pension
• take a number of lump sums at different times
• take the entire pot as cash in one go
• flexi-access drawdown.