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Retirement and debt

Pensions, debt and your savings

You may be able to take a lump sum from savings in a personal or workplace pension before you retire. You can usually do this when you turn 55.

Are you claiming a pension and struggling with debt?

Can I use my pension to repay debts?

Drawing a lump sum from your pension may seem like a quick way to pay off your debts.

But money you take from your pension at 55 could leave you with a lower monthly income for the rest of your life.

We can help with debt advice, but you need a different kind of help for decisions about your pension.

Talk to a pension expert before you decide what to do with your pension savings.

Money worries?

Find out how we can help you.

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Where can I get help with pensions?

There are two types of guidance available about pensions:


1. Regulated financial advice

This help is given by an independent financial advisor (IFA).

An IFA is qualified to:


  • Give you advice about your own circumstances and
  • Recommend the best course of action for you

They can also recommend specific types of annuity or investment product.

You usually pay for an IFA's services.

Money Helper has a guide to choosing a financial advisor on their website.

You can call MAS on 0300 500 5000.


  • Mon-Fri 8am-8pm
  • Sat 9am-1pm

2. General pension information

This is impartial information provided by Government-backed organisations.

Get this help for free from:


These organisations can give you all the facts you need to make your own decisions about your pension.

The cannot:


  • Tell you what is the best course of action
  • Recommend specific products or investments

Free and confidential debt advice

Use our online advice tool to find the right help for you.