Yes, if you are over age 55 and made redundant you will still be able to convert part of your annual pension into additional tax-free cash. You are allowed to exchange £1 of annual pension for an additional £12 tax-free cash up to a maximum of 25% of the capital value of your total 'pension pot'. You will be provided with details of how this option applies to you before your benefits come into payment, as you will need to decide if you wish to convert any part of your pension into additional tax-free cash before that time.