Can I take as many flexible lump sums as l like?

If you want to use your pension savings for a lump sum or flexi-access drawdown you need to have a minimum pension pot of £10,000 when you take your first lump sum or designating for the first time (or £2,000 if you’ve already designated with us).

Each lump sum you take must be a minimum of £2,000 (or the rest of your savings in your pension pot if the value is less than £2,000). You can only take 1 lump sum per tax month. We may charge if you take more than 4 separate withdrawals in 1 tax year.

We also may not be able to pay flexible lump sums in all cases. HM Revenue & Customs has various rules, including whether you have enough lifetime allowance available.

The flexible lump sum is paid directly into your bank account.

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