Accessing your money
If I take a lump sum as a UFPLS, how am I taxed?
With this option you spread your tax-free lump sum across all withdrawals you take from your pension savings. Usually, 25% …
How much money can I take at a time from my flexi-access drawdown account?
If you’re taking lump sum withdrawals, you need to take at least £200 each time. But for a regular income …
What is flexi-access drawdown?
Flexi-access drawdown allows you to use your pension pot to provide flexible withdrawals. Using flexi-access drawdown you can usually take …
How do I access my flexi-access drawdown account?
Once we’ve set up your flexi-access drawdown account you can start taking lump sum withdrawals or set up a regular …
What tax will I pay if I use my pension savings for flexi-access drawdown?
Using flexi-access drawdown you usually take up to 25% tax-free lump sum up front either in small chunks or in …
Can I only access part of my pension pot?
If you’re age 55 or over (or earlier if you’re retiring due ill health), and you have more than £10,000 …
Can I take some or all of my 25% tax-free lump sum up front and leave the rest invested?
If you want to take a tax-free sum but leave the remainder of your pension pot invested, you can do …
Can I pay further contributions after taking a flexible lump sum?
Yes, however, the annual allowance is a limit to the total amount of money you can save into your pension …
What are the differences between FAD and UFPLS?
Both flexi-access drawdown (FAD) and uncrystallised funds pension lump sum (UFPLS) are ways of taking your pension pot a bit …
Can I take as many withdrawals from my pension as l like?
You can take one withdrawal a tax month as a regular income or lump sum. For example, from 6 May …