When requesting to take your pension money online, you’ll need to answer a series of questions. You’ll also need to confirm you’ve read and understood the important information we’ve shared with you (such as the ‘Your options at retirement’ booklet) and if you’ve taken guidance and advice.
Some of the details you’ll need to know include:
- How much your other pension pots are worth
- Details of other pensions you’ve taken money from
- Whether or not you’ve registered for lifetime allowance protection
- Your bank account details
How much your other pension pots are worth
If you’re not sure how much your other pensions are worth, you’ll need to find out from your other pension providers.
If you’re not sure what other pensions you have, you can use the government website to find pension providers you might have had an account with in the past.
Details of other pensions you’ve taken money from
If you’ve taken money from other pensions, you may be able to get the details you need from correspondence at the time.
If not, you’ll need to contact your other pension provider to find out.
Whether or not you’ve registered for lifetime allowance protection
The lifetime allowance is a limit to the amount that you can save into your pension scheme(s) and still receive full tax benefits. The allowance for the current tax year is £1,073,100.
For any tax years prior to 2023/24, any amount over the lifetime allowance would have been subject to a lifetime allowance excess tax charge.
From 2023/24 this tax charge has been removed. However, the government still require pension providers to check if you have exceeded your lifetime allowance and whether you have registered for lifetime allowance protection. If you’re not sure, you can find out more about lifetime allowance protection on the government website.
Your bank account details
You’ll also need to provide details for the account you’d like your pension money paid into.
If you’d like your money paid into a bank account, you’ll need to provide:
- the account holder name (your name as it appears on your bank card)
- the account number
- the account sort code.
If you’d like your money paid into a building society account, you’ll need to provide:
- the building society roll number (as seen on your statement)
- account number
- account sort code.
You should be able to get these details from your statement, account card, online account or from correspondence with your building society or bank.
Once you’ve gathered these details, find out more about taking your savings online on our how to take your pension money webpage.