QUESTION:
Can I only get the tax-free money and start earning the income when I retire?



ANSWER:
Not if you don’t want to. Most personal pensions let you cash them in anytime between the ages of 50 and 75, even if you are still working. But the younger you are when you draw on your pension the lower the tax-free lump sum and the lower the income for life it will pay. So some experts recommend waiting and investing for as long as possible.