When you use your pension savings with us for flexi-access drawdown:
- you have to take your maximum tax-free lump sum – normally 25% of your pension pot
- you’ll need to designate the remainder of your pension pot to be used for flexi-access drawdown, not just part of it
- you need to have a minimum pension pot of £10,000 ((or £2,000 if you’ve already designated with us before)
- each withdrawal you take must be a minimum of £2,000 – or the rest of the savings in your pension pot if lower
- you can only take 1 withdrawal per tax month
- we may charge if you take more than 4 separate withdrawals in 1 tax year (so, your tax-free lump sum along with 3 withdrawals)
- if you’re invested in multiple funds, every time you make a withdrawal, we’ll reduce your holding in each fund proportionately.
When you use your savings with us for a flexible lump sum – UFPLS:
- you need to have a minimum pension pot of £10,000 when you take your first lump sum (or £2,000 if you’ve already taken one payment)
- each lump sum you take must be a minimum of £2,000 (or the rest of your savings in your pension pot if lower)
- you can only take 1 lump sum per tax month
- we may charge if you take more than 4 separate lump sums in 1 tax year
- if you’re invested in multiple funds, every time you take a payment, we’ll reduce your holding in each fund proportionately.