How does flexi-access drawdown work with The People’s Pension?

In order to access your pension savings via flexi-access drawdown you must be 55 or over and have a minimum pension pot of £10,000 (or £2,000 if you’ve designated once already from that account). Using flexi-access drawdown you have to take your maximum tax-free cash at the start – normally 25% of your pension pot. The remaining 75% will be moved into a separate account.

You can only take one lump sum per tax month. No charges are currently applied for taking lump sums from your pension pot. However, the right is reserved to impose charges for taking more than four lump sums in a tax year from The People’s Pension. You would be notified in advance if any such charges were to be introduced.

Find out more about taking your tax-free cash up front with The People’s Pension.

Was this article helpful?

Please score it so we can improve and offer you more

82 people found this helpful