Giving you a flexible income
Our Personal Pension Drawdown is a flexible way to access your pension when you're aged 55 or over. It allows you to take your tax-free cash and enjoy the flexibility of how and when you withdraw the remaining money. You need to have a Defined Contribution pension to apply.
- Access your tax-free cash
After you transfer into the pension drawdown we’ll pay the tax-free cash sum.
A flexible income
You're in control of how much you take and when. You could choose to take a regular or occasional income, or no income at all.
Simple investment choices
Choose one of four objectives for what you would like to do with your money within five years and the objective you choose will be linked to an investment solution.
- Am I eligible?
You must be aged 55 or over and have a Defined Contribution pension (also known as Money Purchase) with a value of at least £1,000. We can't accept pensions that are already in drawdown so you must not have accessed the tax-free cash from your pension yet. We can only accept transfers of your full pension pot.
I’m happy to apply for pension drawdown online
You can only apply for pension drawdown online, we’re unable to process applications over the phone.
I want control over my pension
If you're happy to choose one of four objectives which will be linked to an investment solution, this option may be right for you.
I want a flexible income
If you don’t need a guaranteed income and want to have the flexibility to dip into your pension when it suits you, this product may be right for you.
What if I'm a member of a Legal & General Workplace Pension?
If you’re a member of a Legal & General Workplace Pension, you may have the option to access drawdown in that scheme, which could be more suitable for your needs. Please contact us for more information and details on how to get a quote. Find out more about your options
- Your income is taxable
After you've taken your tax-free cash, any income you take will be subject to income tax.
- Your state benefits could be affected
This plan could affect your entitlement to any means tested state benefits.
The value of your pension pot is not guaranteed
The value can go down as well as up. Inflation can also affect the value of your pension.
You may run out of money
You should regularly review the amount you are withdrawing. Because your income isn’t guaranteed, if your investment returns do not meet your expectations, if you live longer than expected or if you take too much money out too quickly then you could run out of money.
There are some costs involved
There are charges for managing your account and charges applied to the investments you hold. We have a service charge of 0.25% of the value of your Pension per year. There is also a Fund Management Charge which differs from fund to fund. More detail on charges can be found below and in the Key Features Document.
Transferring your pension may affect your guaranteed benefits
When you transfer a pension to us you could lose guaranteed benefits from your existing pension provider. You should check with them before you apply.
Investment pathways are a way for you to select the funds that you are investing in when you are in drawdown. You choose one of four objectives for what you would like to do with your money within 5 years and the objective you choose will be linked to an investment solution. When you choose your investment pathway, you won't be locked in and can change it at any time. There's also more detail on the objectives themselves within the application.
|Objectives||Investment||Key Investor Information Document|
|I have no plans to touch my money in the next 5 years||Multi-Index 5 Fund||Download PDF|
|I plan to use my money to set up a guaranteed income (annuity) within the next 5 years||Sterling Corporate Bond Index Fund||Download PDF|
|I plan to start taking my money as a long-term income within the next 5 years||Multi-Index 4 Fund||Download PDF|
|I plan to take out all my money within the next 5 years||Short Dated Sterling Corporate Bond Index Fund||Download PDF|