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
Your lifetime allowance is the total amount of pension savings (except your State Pension) you can build up without triggering an extra tax charge when you access your money.
The lifetime allowance is currently £1,073,100:
- If your overall pension savings are below this limit, this won’t apply to you. Therefore, you won’t have registered for lifetime allowance protection and you can click ‘no’ when asked in your Online Account.
- If your pension savings are above this limit, you may be protected from the tax charge if you’ve previously registered for lifetime allowance protection. Therefore you’ll need to find out whether you’ve registered for this or not. 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.